Oil price per barrel is down 15%. Gas isn't. Proof that refineries, oil companies, or gas station owners are taking advantage

What ever happened to cause oil to plummet to 37 dollars a barrel 2 years ago? What can't that happen again? Gas was 1.90 a gallon when oil was 37.

When oil tripled in price per barrel, gas didn't.

Makes no sense to me

Oil Price vs. Gas Price

The reason for the obvious discrepancy between the trends in the cost of a barrel of crude oil and a gallon of gas, it turns out is due to a discrepancy between where our gas comes from and where the crude oil used as the national benchmark is produced.
The price of a barrel of crude oil often quoted in the media comes from West Texas Intermediate. It is set at the New York Mercantile Exchange, according to the Associated Press.Right now, in an unusual market trend, West Texas crude is selling for much less than inferior grades of crude from other places around the world. A severe economic downturn has left U.S. storage facilities brimming with it, sending prices for the premium crude to five-year lows.
The recession in America has dramatically cut demand for crude oil, and inventories are piling up. So prices for West Texas crude have fallen well below what oil costs from places like the North Sea, Saudi Arabia and South America.
That foreign oil sells in some cases for $10 more per barrel - and that doesn't even include shipping.
http://www.dunndailyrecord.com/main.asp?SectionID=1&SubSectionID=1&ArticleID=104695
Vince agrees: http://www.rightsidenews.com/200902163689/editorial/what-we-are-not-told-about-oil-prices.html


I was listenting to AM1070 news radio yesterday and the expert they interviewed said the reason for gas going up steadily, while oil prices have been steady around $34-40 for the past week, is that refineries have forced the price up, by cutting back on production. From the usual 90% to a low 80%. So much for getting cheap gas from cheap oil
http://seekingalpha.com/article/109516-oil-price-vs-gas-price-is-1-a-gallon-realistic

Oil prices have become extraordinarily volatile because the March contract expires Friday. That means anyone in possession of a contract must find a place to store the oil in a few weeks.
That has become more difficult each week, with U.S. crude storage hitting 82-week highs, yet some traders say there is no rational for the volatility of this market.
Crude prices fell another 11 percent last week.
http://www.msnbc.msn.com/id/12400801/

Or read all about it, and get really educated here: http://www.wikinvest.com/concept/Oil_Prices

I found the website with all the US gas price stats, graphs, and charts I've wanted

Some oil-rich countries that subsidize fuel as a way to share the wealth and keep citizens happy. Drivers pay less than 50 cents a gallon when they fill up in Saudi Arabia and Iran.

Gas is cheaper than milk in Venezuela, which spends an est. $11 billion subsidizing gasoline.
http://www.latimes.com/business/la-fi-worldgas10-2008jul10,0,2489191.story

http://www.eia.doe.gov/oil_gas/petroleum/data_publications/wrgp/mogas_home_page.html
This chart is one I've wanted, because I've been curious how and when the price of gas has risen. This is from Jan 2006 to present. http://www.latimes.com/business/la-fi-worldgas10-2008jul10,0,2489191.story

About Half of U.S. Oil Imports Come from the Western HemisphereSome may be surprised to learn that almost 50% of U.S. crude oil and petroleum products imports came from the Western Hemisphere (North, South, and Central America and the Caribbean including U.S. territories) during 2006. We imported only 16% of our crude oil and petroleum products from the Persian Gulf countries of Bahrain, Iraq, Kuwait, Qatar, Saudi Arabia, and United Arab Emirates. During 2006, our five biggest suppliers of crude oil and petroleum products were:
Canada (17.2%)
Mexico (12.4%)
Saudi Arabia (10.7%)
Venezuela (10.4%)
Nigeria (8.1%)

Gas Prices Around The World... 2005 vs 2007... 12 countries compared

November 2007 http://keeptherubbersidedown.net/2008/02/13/fuel-prices-around-the-world/ this chart is a relative comparison percentage (Norway $8.67, 279% of what the US pays)

May 2007 http://www.wired.com/cars/energy/magazine/15-06/st_atlas

April 2007 http://www.usatoday.com/money/industries/energy/2007-04-19-world-gas_N.htm

Data for EU countries were provided by the AA Motoring Trust. Prices are listed in U.S. dollars

March, 2005 http://money.cnn.com/pf/features/lists/global_gasprices/

2007......................................... 2005

Netherlands $7.52 ...............Netherlands Amsterdam $6.48
Norway $7.33 ........................Norway Oslo $6.27
Belgium $6.95 ......................Belgium Brussels $5.91
Germany $6.72 .....................Germany Frankfurt $5.57
France $6.50 .........................France Paris $5.54
Ireland $5.40......................... Ireland Dublin $4.78
Estonia $4.30 ........................Estonia Tallinn $3.62
Japan $4.16 ...........................Japan Tokyo $4.24
Russia $2.68 .........................Russia Moscow $2.10
Nigeria $1.92........................ Nigeria Lagos $0.38
Saudi Arabia $0.45.............. Saudi Arabia Riyadh $0.91
Venezuela $0.19................... Venezuela Caracas $0.12

Shell and Dow busted for fixing prices on tire rubber

http://www.rubberworld.com/news.asp?action=showweek

EU Competition Commissioner Neelie Kroes busted 5 companies for colluding to rig prices of rubber ingredients used in tires, Shell was fined €160.9 million and Dow €64.6 million.