Oil has already dropped below $79 a barrel.
(www.marketwatch.com)
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What I don't understand is prices can go up with the tanks full at the pump. Is the gas in thier tanks bought at a fixed price or do they pay for it when sold? Because it sure can go up with the same gas in the ground at the pump. However it never seems to go down when barrel prices drop. So it seems it should go down at the same rate as it rises. Driving diesel truck hurts in and around the left hip pocket area. Central PA, diesel is average $6.00 a gallon. Diesel, less refined than gasoline, yet people who need diesel take it up the kiester.
That's because the vendors are profit taking and charging as high as possible until competition forces them to drop prices. However when oil prices go up they charge the higher rate in reverse. They milk the public as long as they can until it becomes too obvious so they adjust the prices just in time so as not to piss off the gasoline consumers. They know exactly how to and when to manipulate the prices.