OIL Informative - OIL COST

Review by antoniot on 2005-07-09
UNITED STATES -- I am just wondering about the ridiculous cost of oil, could somebody explain to me in laymen terms how the increase of $2.00 for a barrel of oil can mean that the gasoline in the dealers pump, that was there before the increase can go up over night, isn't this FRAUD, where is our consumer Ptotective AGENCY????
Comments:4 Replies - Latest reply on 2005-07-11
Posted by S on 2005-07-09:
I'm with you on this one. When the price of oil drops, it takes weeks for the price at the pumps to "adjust". But when a holiday weekend comes along, they bump prices up 20% and no one can do a thing about it. Granted gas prices have been fairly stable for many years until recently, so I guess we complain too much.
Posted by tpebop on 2005-07-09:
It is called suply and demand. Currently the proplem is refinery related as there are fewer than needed making gas and oil more expensive.
Posted by tpebop on 2005-07-10:
well biz I would definitely ditch the S.U.V. I got rid of my suburban months ago. However natural disaster will cause some fluctuation in price gauging is not unheard of
Posted by Anonymous on 2005-07-11:
I agree on this as well. Last Friday during lunch, I was going to get gas, but I ended up not having enough time. So I stopped at the gas station after work. Much to my surprise, the price had gone up $0.10 in less than 4 hours, but now I was very low and had to get some. The next day the price was down $.08 again, with the jump attributed to "anticipated oil price increase." Of course, most people would have seen this and heard the threat of high prices and gone ahead and bought their gas for the weekend. I think the gas companies have physcologists on the payroll to determine when a price hike would net them the most money.

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