Why haven't gas prices gone down?

[grampi]

Production and exploration restrictions have been lifted, and OPEC has actually increased production, and yet gas prices remain high? Why?

 

[Brons2]

Gas prices are near historical norms on an inflation adjusted basis.

 

[Boomer]

In the last month, wholesale gas prices have dropped $0.25-0.30. Yet here in central PA prices INCREASED by five cents!

 

[JeffKeryk]

The fuel industry is a for-profit industry; they are not your friend.

 

[JohnnyG]

AND, Washington state has just won the high price crown, beating California!

 

[Pablo]

Welcome to WA state!

 

[walterjay]

Prices have dropped nicely around me.

 

[JeffKeryk]

AND, Washington state has just won the high price crown, beating California!

C'mon man... We just pay and pay...
Cheapie stations around me are $4.30 and up for rag, Costco is $4.15. Mobil can be $5.
I put wannabe premium in the TSX and GS; rag in the Tundra. Sun in the Tesla.
What's a poor boy to do?

 

[Mainia]

$3.29 unleaded 87 Minneapolis 1st/2nd ring suburb.

 

[DemoFly]

It’s almost as if…

 

[shortyb]

It’s almost as if…

Yep.

 

[Dave Hess]

Gas station owners maybe not want to lower at pump just because demand is down / lower crude oil prices.

Paid $3.56 for 93 octane at Shell on Sunday.

 

[Bottom_Feeder]

Production and exploration restrictions have been lifted, and OPEC has actually increased production, and yet gas prices remain high? Why?

Why would they go down? Gas station owners need to eat, too.

Roughly $3/gal I think is the lowest it'll ever go going forward. Besides, $3 is a nice round number and people like nice round numbers. Anything less is 'cheap' and anything more is 'expensive'.

$4/gal will be normalized someday.

 

[samven]

Just payed 3.03/gal for Reg. Down from 3.29 last week at BP.

 

[JohnnyG]

Gas station owners maybe not want to lower at pump just because demand is down / lower crude oil prices.

Paid $3.56 for 93 octane at Shell on Sunday.

Yep, me too.

 

[JohnnyG]

When I was in the business, a VP had a presentation and told us that there was more profit in selling Twinkies than a gallon of gas.
I suspect that is still the case.

 

[Jetronic]

Production and exploration restrictions have been lifted, and OPEC has actually increased production, and yet gas prices remain high? Why?

Dollar value dropped

 

[SevenBizzos]

When I was in the business, a VP had a presentation and told us that there was more profit in selling Twinkies than a gallon of gas.
I suspect that is still the case.

Of course it is. A two pack of Twinkies is probably $3 and they pay under $2 for it. Maybe much less.

 

[wemay]

Gas prices are down around here. It's everything else that's skyrocketed.

 

[JohnnyG]

Of course it is. A two pack of Twinkies is probably $3 and they pay under $2 for it. Maybe much less.

So, the convenience store part of a station keeps the operation profitable.
Does that explain Bucee's?