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This happens because oil trades in futures. February 2009 contracts for oil prices closed Dec. 23rd, 2008. February 2009 price is $39/barrel and has no baring on what the price is right now, the good news is when oil per barrel is going down right now it means gas will get cheaper.
http://www.ajc.com/services/content/printedition/2009/01/14/wildoil.html
http://www.ajc.com/services/content/printedition/2009/01/14/wildoil.html
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Definitely my thoughts on this as well. I believe that the futures market within the U.S. is controlling price right now.
A couple of months ago, I noticed on CNBC that oil was down below $33 and gas was about 86 cents a gallon wholesale. Now oil is above $40 and gas is about $1.17. With federal and state taxes, gas at the pump is usually about 75-100 cents above wholesale.
source(s):
Talking heads on CNBC
Talking heads on CNBC
Market manipulators can and will do as they please. It's a big game. I'm not sure what to do about it.
A good book on this is http://www.harpercollins.com/books/9780061434501/The_Tyranny_of_Oil/index.aspx
I'll be honest - I haven't finished the book - but am far enough in to know that Big Oil is the Original and Ongoing Conspiracy Theory
I'll be honest - I haven't finished the book - but am far enough in to know that Big Oil is the Original and Ongoing Conspiracy Theory
Greed.
(kind of a joke .. but that's my serious answer too.)
(kind of a joke .. but that's my serious answer too.)
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