The price of oil topped out at $107 per barrel in June of 2014. The price of gasoline topped out at $3.70 per gallon in June of 2014. The price of oil currently stands at $50 per barrel, 53% below its June price.
I read story after story about record U.S. production, a huge glut in storage, and predictions of even lower oil prices. If this is so, why are national gasoline prices still at $2.39 per gallon? That is only 35% lower than the peak in June. The last time I checked, oil is the only key ingredient in gasoline. If gasoline prices tracked the decline in oil prices, it should be 27% cheaper than the $2.39 they are selling it for today.
How come the average American gets screwed no matter what happens in the markets? The price of oil is the same as it was in November, but gas prices have surged by 18%. Who benefits? Who is winning?
Goldman Sachs and the rest of the Wall Street shysters, along with Big Oil, have it rigged in their favor. You are just a pawn in their game.
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