I read an article today that said oil prices have dropped more than $14 a barrel this week. It's the third straight day that the barrel price has dropped. The article went into some analysis about why, including the fact that natural gas prices dropped because of unexpected increase in supply and a number of other reasons.
The statement at the end of the article was what I thought was most significant though. It said that regular unleaded gas held it's record high of $4.114 per gallon for the second day while diesel hit a new high of $4.845.
Isn't it interesting how speculation or a news story can cause prices at the pump to jump up 5 or 10 cents a gallon in a single day but when the actual price of a barrel of oil drops, it takes days or weeks for the price at the pump to fall?
Why is that?
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