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Crude oil is getting cheaper -- so why isn't gas?

NEW YORK (AP) - Crude oil prices have fallen to new lows for this year. So you'd think gas prices would sink right along with them.

Not so.

On Thursday, for example, crude oil closed just under $34 a barrel, its lowest point for 2009. But the national average price of a gallon of gas rose to $1.95 on the same day, its peak for the year. On Friday gas went a penny higher.

To drivers once again grimacing as they tank up, it sounds like a conspiracy. But it has more to do with an energy market turned upside-down that has left gas cut off from its usual economic moorings.

 
Anonymous

Asked by Anonymous at 10:56 AM on Feb. 16, 2009 in Politics & Current Events

This question is closed.
Answers (7)
  • Interesting possible (one of) reason:

    http://www.bloomberg.com/apps/news?pid=20601087&sid=a6.jirVMCddk&refer=home
    Fiveofakind2

    Answer by Fiveofakind2 at 11:26 AM on Feb. 16, 2009

  • Rumor is they have lessened refining.
    JanMarie225

    Answer by JanMarie225 at 11:00 AM on Feb. 16, 2009

  • The refineries are slowing on production because we are using less gasoline. This will drive the price up. It is a no win situation. The oil companies liked the fact that we burned so much. They do not like the idea we, the consumer, are cutting back.
    foreverb3

    Answer by foreverb3 at 11:02 AM on Feb. 16, 2009

  • Gas prices here in Cleveland are where they were about 2 years ago. We are back to paying less than $2/gallon. On average in my area it is down to about $1.66-$1.75.
    micrespo

    Answer by micrespo at 11:04 AM on Feb. 16, 2009

  • I dont know, when Bush was in office it was HIS fault b/c he was a oil man and was helping out his oil buddies.

    Does Obama have oil buddies too?
    Anonymous

    Answer by Anonymous at 11:04 AM on Feb. 16, 2009

  • Yes anon......When does he get the blame for the tornadoes and plane crashes and the gas? Bush was blamed everytime the wind changed directions, (and it didn't matter how long he was in office they did it from day ONE!) when are we going to see the media start blaming Obama?
    Anonymous

    Answer by Anonymous at 11:08 AM on Feb. 16, 2009

  • Of course,some tried to tell those who swore like heck that it was Bush's fault.They tried and tried to present the facts to them and exlain it to them every which way but noooooo it all had to be Bush...Bush only has to blow into the air and he can create natural disasters...Bush and crew were really on the planes that ran into the twin towers and the Pentegon..there is no such thing as terrorists it's all Bush.


    AHAHAHAHAHAHA
    Anonymous

    Answer by Anonymous at 11:15 AM on Feb. 16, 2009

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