Wholesale Petrol Prices Keep Falling, So Why Do Gas Prices Keep Rising?
A good friend of mine just returned from a trip to Alabama. On his journey, he found gas prices as low as $3.12 a gallon for unleaded. The highest price he paid? In Michigan, of course. Local gas prices took a 30 cent hike again today despite wholesale prices that continue to fall.
According to money.cnn.com/data/commodities/ a barrel of crude oil was trading at 82 dollars today, down $1.40 a barrel from last week. Unleaded Gas was also down a couple of cents from last week’s price.
Wholesale prices for petroleum have fallen over 14% in the last 30 days. So why are we seeing price spikes? A couple of weeks ago, we were paying prices in the $3.28 to $3.35 price range. Wholesale prices were actually higher then. Anyone care to try to explain this?