Dwight Watt - Watt Thoughts #199 11/19/2009
#199 - Holidays and the price of gas (Watt Thoughts)
You can tell Thanksgiving is one week away by driving by your local high volume gas station. Stop in your retail stores and watch them cutting prices trying to get sales for Christmas.
The wholesale price of oil has held between $77 and $80 per barrel for about a month now with ups and downs from 50 cents to $3 per day. In the last two weeks I have watched it drop about 10 cents in a lot of places. However this morning I discovered it had jumped 12 cents at my local high volume dealer after sitting steady at $2.42 to $2.43 for a week. Now it is $2.55.
The price for a barrel of wholesale crude dropped today and the retail price of refined gas jumps. Logical plain economics to some, but I would not have passed Economics 101 in college using that approach.
Have a good and safe Thanksgiving and hopefully the price will drop a little (we can dream a lot) by then to make your travels a little less costly. I drive about 700-800 miles for a normal week so I watch gas and oil prices closely.
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