RE: UPDATE Oil at $60 a barrel?
It doesn't seem to matter how low a barrel of oil goes down in price, the price at the pumps hasn't budged much. It's still pretty close to what it was when oil was $ 147 a barrel.
According to oil companies it's a difficult thing for the consumer to understand. Apparently when oil is bought it's bought in monthly contracts, so the oil companies have to rid themselves of the gas they bought at the previous month's contract before they can lower the gas pump price with a new , cheaper load of gas they bought at the cheaper per barrel, after the 'expensive' oil gas has been bought by us, the consumer.
But, this is where it gets complex. See when the oil barrel price shoots up, the price of consumer gas immediately shoots up, within hours.
I can't figure that part out, but it may well be that it's because it's too hard for the consumer to understand high finance, as the oil companies indicate.
LOL, good one Les!
