How come prices haven't come down now that gas is below $2 a gallon?
I'm still paying more for a cup of coffee than I was a few months ago. I remember convenience stores announcing they had to add a surcharge to the price of coffee because of rising gas prices. Why didn't the surcharge come down?
My grocery bill hasn't gone down since the summer when food prices began to skyrocket. What gives?
With some experts forecasting that the price of gas will continue to tumble, will we see Big Oil head to Congress asking for help?
From The Christian Science Monitor:
What the price drop does mean is that some oil-patch wildcatters have packed up their drill bits as the rush for new domestic exploration has cooled since summer.Read "Oil industry adjusts to lower prices" at The Christian Science Monitor Web site.
"Six months ago everything was roses, and nobody in this business had any inkling that oil prices would decline virtually $100 a barrel," says Alex Mills, president of the Texas Alliance of Energy Producers. Now, he says, "some people have already pulled back on their drilling programs."
No doubt, profits for Big Oil will tumble from this year's record highs. And because of the tightening credit market, many producers – majors and independents – will shut down drilling rigs and trim production in the year ahead.
3 comments:
I have a co-worker who kept saying before the election that Bush and the Republicans were driving gas prices down so Republicans would get elected and prices would shoot up right after Nov. 4. It's been 30 days since the election and gas prices are still dropping. My idiot Democratic co-worker hasn't mentioned gas prices at all.
Good point, Tony
I remember reading about WAWA raising coffee prices because of fuel costs. They're still charging the same for coffee today.
Everyone is out to gouge the consumer.
I consider it to be a sign of how bad the economy is doing. OPEC can cut supply and raise the price at will, the fact that they haven't yet means they are just as worried about the world economy as the rest of us.
Post a Comment