here in Knoxville, TN it rose all the way up to $4.99 and stayed there for a couple days with many gas stations being out of gas. It was $4.99 in Knoxville and $3.87 in Chattanooga which is about 2 1/2 hours south. AAA requested for a explaination on why gas prices where so high and today driving home it droped to $3.99........ price gouging at its best
we do it to ourselves, everybody talked bout how guy prices where going to rise to over $5 a gallon, well ike hit and gas went up to $4.49 and there was not a pump in knoxville that wasnt pumping gas.
Every gas station within a 30 mile radius of my home has the same $1.43 per litre price for regular. ($5.41 per US gallon). By the way there is no price fixing or collusion because the government says there isn't any.
Good news. This time last year, the average U.S. price of gasoline was $2.77. The price of a barrel then was in the $70 range. The last time a barrel of crude hit below 100, it was around christmas time last year. The price of gas was about $3.50, but i believe at the rapid decline to $90 a barrel the price of a gallon will plummet to around $3. People who are complaning about low crude, and high prices, wait it out a month until refineries in Texas are up n running. Texas holds the most U.S. refineries, and even though during ike there was minimal damage to them, 14 of them closed. All it takes is time..
I believe that a big reason as to why we are not seeing the price of gas dropping with the price of oil is because while the price of oil is dropping back to a more normal level (this is why dill here drill now wasn't going to work as it wasn't a issue of supply and demand). More and more oil companies are selling oil to countries like China, the % of US oil that is being exported has increased. China is paying over market value for the oil and everyone wants to sell to them however this is eventually going to turn around as China's economy is starting to slow.