That explains a lot! Why don’t gas prices go down when the price of oil falls? Which oil price would you be referring to? West Texas Intermediate? Brent? 
Right now WTI trades about $20 less than Brent.
Asian demand – more tightly connected to Brent than WTI.
Why should we care? US refiners get a lot of their oil from overseas. You guessed it. More the price of Brent, than West Texas.
Barry Ritholtz notes in his blog post on Wed. that when the Dow Transports head down, the price of crude will follow. That also means the price of gasoline will go down. Per Barry’s nice graph, we are due!
A 70-mile per day driver will save $1,500 annually for every dollar the price of gas goes down. You do the math for fractions.
Yes, it’s true. Americans are turning to smaller fuel efficient cars.
With gas at $4/gallon, it’s either that or walk part way. Filling the tank of my little Honda Civic last week was nearly $50. Yikes!
Chevy Cruze, Hyundai Elantra, and Ford Focus lead the way in sales in April. Toyota is not in the mix-still recovering from earthquake/tsunami issues.
Oh, and small cars don’t necessarily mean no frills. They come with leathers seats w/heaters and satellite radio along with great mileage.
Get ‘em today. They might not be there tomorrow.
Every time the US price of gasoline heads north, we get the same refrain.
The extra amount of oil that would be produced by the US is teeny-tiny compared with what is world actually consumes.
It would help out with the job scene, but gas prices not so much.
“More production from anywhere would tend to lower prices,” said Adam Sieminski, chief energy economist at Deutsche Bank. “But the amount that we’re talking about domestically, it wouldn’t move gas prices from $4 a gallon to $3.”
So, what is a mother to do anyway?
The price of a gallon of gas has been going straight up for more than 3 weeks and could easily hit an all-time high by Memorial Day.
The national ave is $3.81/gal, but we are paying more like $4.17 in Chicago. LA is no better at $4.20. And we are not even in the official ‘driving season’ yet!
Experts say we could easily see another 30-40 cents a gallon.