Well, if you have read any of my previous posts about the state of our economy and the price of gas, here’s another tidbit of information that will get your blood pressure up.
I’ve maintained for quite some time that the oil companies are manipulating the price of crude and the price of gas at the pump and here is more evidence.
Let’s take a look at the barrel price of crude vs. the price of gas at the pump 1 year ago and compare it to the respective prices today.
1 year ago, the price of a barrel of oil was about $82 and we were paying about $2.75 for a gallon of gas at the pump.
When they decided to start hiking up the price, it rose to a record high of about $147 a barrel and the price at the pump peaked out around $4.11 a gallon.
That’s about an 80% increase for the barrel price and a 50% increase at the pump.
Just before the recent artificial hike that they blamed on hurricane Ike, (the hurricane didn’t cause any actual damage to supply or production mind you, so the recent price hike was artificial yet again.) the price of crude had dropped back to about $92 a barrel and the price of a gallon of gas at the pump had only dropped back to about $3.85.
That’s a 37% drop for crude but only a 6 or 7% drop at the pump.
If you want to look at it another way, the net increase over the year for the price of crude is only about 12 – 13% while the price at the pump has gone up 40%.
NOW tell me they’re not ripping us off.
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