If the price for a barrel of oil is at an all time low of $51.20 ....?

Question

why hasn't the price we are paying at the pump gone down??? Are we getting screwed by the oil companies,,,,,as usual???

Answer 1

If the cost of manufacturing a product goes down, the manufacturer will lower the price for only one reason - Competition. The problem in the oil industry is there is no real competition. Long ago, gas stations would have price wars and actually sell gas for LESS than its cost just to get customers to stop in. Now, nobody cares about the quality of the gas, service. The companies won't lower the price because they don't have to.
The only way prices will go lower is if one company starts a price war.
There is a way to get that to happen. A boycott.
If everyone quits buying one brand of gas like Exxon- Mobil, that company will lower their price to get customers back. The other companies will follow suit and the price will go down everywhere.
So the bottom line is - YOU are causing the high gas prices because YOU are willing to pay whatever it costs.