What does the current $55-$56 per barrel oil prices do to gasoline prices?

0 ⤊

What does the current $55-$56 per barrel oil prices do to gasoline prices?

Whenwill see the results of these oil prices at the pumps?

2007-01-05 02:28:52 · 2 answers · asked by George S 1 in Social Science ➔ Economics

2 answers

Not for a couple of years.

While the price of gas is based a lot on the price of oil, it is also dependent on the supply of gas. In this case it is dependent on the amount of refined gas being produced. In North America at the moment refinary capacity is zero... so even though oil is dropping (a 12% drop in price), don't expect a 12% drop in gas prices.

2007-01-05 03:05:49 · answer #1 · answered by bfleung18 2 · 0⤊ 0⤋

very little. chances are, you probably already have seen the results.
the gas hike reflects the rise in oil prices, but the price lowering usually does not. not as fast as it should anyway.

2007-01-05 02:37:47 · answer #2 · answered by qncyguy21 6 · 0⤊ 0⤋