Crude Oil fell more than $7 to a seven-month low, as refineries escaped major damage along the Gulf from Hurricane Ike. The market is also in turmoil following Lehman Brothers Chapter 11 filing.
Back in early July crude oil reached a record $147.27 a barrel, and it’s fallen some 33% since then to $94.13.
Where’s the corresponding fall at the pump then? One can’t help but notice that the price of gasoline, diesel, and other oil products is always instantly quick to rise, but never to fall again. A lot of extra profiteering going on out there, methinks.
Valero, who is the largest US refiner has said it found no significant structural damage at three refineries shut down before Ike came through.
Some gas stations here in the low country were posting pump prices as high as $5.29 a gallon over the weekend. I hope no one is foolish enough to buy gas from such places. Personally, I’d quit using that station permenantly, if I possibly could, and go elsewhere. It doesn’t happen of course; some folks have short memories, even when they have a choice!
Gas stations posting excessive pump prices can be reported here: http://gaswatch.energy.gov/
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