Inflation here? gas/grocery prices just continue to climb (3 Viewers)

[0rion]

Dropped below $100 a barrel.....odds prices at the pump don't show that?

U.S. oil tumbles more than 8%, dips below $100 per barrel

Oil prices are under pressure amid talks between Russia and Ukraine and a Covid outbreak in China that could reduce demand.

www.cnbc.com

West Texas Intermediate crude futures, the U.S. oil benchmark, lost 8.75% to trade at $99.76 per barrel at the lows of the day. International benchmark Brent crude shed 8% to $103.68 per barrel.

 

[nolaspe]

 

[jayd265]

Lifted front and lowered back truck

 

[Eeyore]

It would be nice if carpooling and public transportation were more widely available and culturally accepted.

I can't speak for everybody but carpooling is not possible for a lot of hourly people because of how often they're told that they're working over. If you're held over, and the others in the pool aren't, you don't have a ride home.

 

[whodat2626]

Dropped below $100 a barrel.....odds prices at the pump don't show that?

U.S. oil tumbles more than 8%, dips below $100 per barrel

Oil prices are under pressure amid talks between Russia and Ukraine and a Covid outbreak in China that could reduce demand.

www.cnbc.com

West Texas Intermediate crude futures, the U.S. oil benchmark, lost 8.75% to trade at $99.76 per barrel at the lows of the day. International benchmark Brent crude shed 8% to $103.68 per barrel.

Oil prices are almost down to what they were before the Russian ban. So why are prices so high?

 

[bigdaddysaints]

Baffles me that oil prices are dropping but the prices at the pumps are not. What is the usual buffer time for this? or are the Oil companies just like F yall?

 

[brandon8283]

Baffles me that oil prices are dropping but the prices at the pumps are not. What is the usual buffer time for this? or are the Oil companies just like F yall?

I heard this morning that prices dropped roughly 1c overnight.

I think it's just the lag time that it takes. If a station bought at $3.99 and still has gas that's $3.99 in the tank, they're going to sell it for $3.99 if they can. Otherwise they're losing money on the deal.

 

[0rion]

I heard this morning that prices dropped roughly 1c overnight.

I think it's just the lag time that it takes. If a station bought at $3.99 and still has gas that's $3.99 in the tank, they're going to sell it for $3.99 if they can. Otherwise they're losing money on the deal.

That would make sense if there was a lag time before prices rise but that wasn't the case. They immediately started climbing and in big jumps too. Some greedy crooked sheet goes on in the pricing of fuel.

 

[brandon8283]

That would make sense if there was a lag time before prices rise but that wasn't the case. They immediately started climbing and in big jumps too. Some greedy crooked sheet goes on in the pricing of fuel.

Oh, it absolutely makes sense if the goal is profit. Raise prices quickly, lower them slowly.

Makes you money on the price increases, and keeps you from losing money on the price decreases.

 

[UncleTrvlingJim]

I can't speak for everybody but carpooling is not possible for a lot of hourly people because of how often they're told that they're working over. If you're held over, and the others in the pool aren't, you don't have a ride home.

Yeah,I definitely understand, but I'd like to see more options, and more infrastructure to support commuters.

 

[bclemms]

You know why gas prices are so quick to jump and slow to fall at the station? It's because gas has the lowest profit margin of anything on the market. The margins are so low, credit card companies are making as much as the gas station on the sale of fuel. I find it incredibly ironic that Americans birch about a company selling a product at less than 5% mark up but then walk inside the same store and buy a 20oz bottle of water for $2.

 

[Bayouboy]

That would make sense if there was a lag time before prices rise but that wasn't the case. They immediately started climbing and in big jumps too. Some greedy crooked sheet goes on in the pricing of fuel.

Definitely. I know a station owner that leases the business..I think he gets a small cut of the gas mark up, but most goes to the true owner. He told me they went up in price like 4 days straight and even hiked it twice in one day (which is unusual). Definitely got some profiteering going on.

 

[SaintInBucLand]

Funny how oil prices both went under $100 yesterday and keep going lower today but we wont see the prices at the gas pumps change for weeks. But when it goes up, the prices at the pump go up the very next day.

 

[bigdaddysaints]

Shell be like:

 

[Eeyore]

The store owner buys the gas near cost. He has to sell it near the price that it was when he bought it or he'll lose money. He doesn't adjust down when oil falls because he still has to recover what he paid. He adjusts up quickly because he has to help cover the cost of buying more

The real culprits are the oil companies. Last year they had record profits. It's time for the Federal government to stop subsidizing them.