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Wholesale Gasoline $3.06-35/100, down 5.89¢ per gallon
Wholesale Heating Oil $2.91-37/100, up 1.54¢ per gallon
Product value $126.16, down $1.22 per 42-gallon barrel
Crude Oil $98.97, up $0.76 per 42-gallon barrel
Crack Spread $27.19, down $1.98 per 42-gallon barrel
Retail gasoline prices tend to be at a $0.75 to $1.25/gallon premium to the wholesale gasoline price as traded on the New York Mercantile Exchange, which would mean that a wholesale price of $3.06/gallon would indicate a retail price of $3.81 to $4.31/gallon, depending on where in the U.S. the retail pump might be located.
News 12 ran a report the other day and they estimated that gas prices will go down by about .50 by the beginning of June. Well if so, at least it's a start.
It looks like most of that 50 cent a gallon price decline has already occurred in the wholesale market ... with more to come if Obama's opening of domestic drilling proves to be more than a disingenuous political ploy.
It looks like most of that 50 cent a gallon price decline has already occurred in the wholesale market ... with more to come if Obama's opening of domestic drilling proves to be more than a disingenuous political ploy.
What is more domestic drilling going to achieve? I mean, other than to placate investors who (falsely) believe that we have a supply problem?
What is more domestic drilling going to achieve? I mean, other than to placate investors who (falsely) believe that we have a supply problem?
Well let me take a stab at this one. It would add to the world supply or more specifically decrease the amount of oil we need from outside sources. That would mean a drop in price! Simple enough?
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Weekly High, Low & Closing Price, $-gallon, Wholesale Gasoline
