The last time oil was $63/barrel, how much did gas cost for you?

[Deja Q]

http://www.canada.com/businesscentre/story.html?id=e846d724-ecc0-4728-8388-fd567b349980

Light sweet crude for October delivery fell $1.48 to $62.60 US a barrel in midday trading on the New York Mercantile Exchange.

I still see $2.79 everywhere and we saw prices ramp up the instant the hurricane hit; nobody waited until existing stocks were down before making the price adjustment.

[Spider Jerusalem]

1. It's not about the price per barrel right now...

and that doesn't specify WHICH crude, anyway...West Texas? North Slope? Brent? Gulf? That makes a bit of difference. And the refinery capacity on the Gulf coast that got knocked out by the hurricane, and the port of New Orleans being non-operational, probably have as much to do with high gas prioes as anything. Doesn't matter if oil's $30 a barrel...if there's not enough refining capacity to keep up with demand, then the market is going to determine the price of what is suddenly a scarcer resource.

[KG]

2. i just love 'market forces', don't you?

[Wcross]

3. I watch "street signs" on the financial channel......

Wholesale gas prices are the real indication. Yesterday the dropped .087 cents a gallan. The day before they dropped .095 cents. I haven't seen an 18 cent drop at the pumps though, go figure?