Not as cheap as it should be
We're still getting robbed at the gas pumps.
The price of crude oil is now 67 percent off its midsummer high. It topped out just above $147 a barrel in July and closed on Thursday at just over $49 a barrel.
But in the same time period, the price of gas has fallen only about 47 percent - from its local summertime peak of $4.19 to about $2.20 today.
Don't get me wrong. I'm not complaining about gas being down to $2.20, esepcially in the current economic climate. But simple math (taking 67 percent off $4.19) dictates that gas should be selling locally for about $1.38 a gallon.
Still feel good about paying $2.20? Probably not as much.
Labels: Highway robbery