Oil companies were making record profits and we were paying out this ass to do it. Oil companies have a lot more to do with it than you give them credit for. Oil CEOs are friends with the people making barrel prices go up. Its all win-win for them
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$3.25 is the lowest I saw. Yay for California.
they BENEFIT from high oil prices, no doubt about it. But they dont have all that much to really do with the price of oil. Is it a coincidence that when the power of the dollar versus the Euro and the British Pound rose 35% the price of oil dropped by now 60%? the other thing that is driving it down is lack of demand. Also, speculators no longer have to hedge their funds through oil (and other commodities)
Be glad you dont live overseas. Theyve been paying $7-9 a gallon for gas for years now. We do it for a year or so and its the apocalypse.
They have a lot to do with the price of gas here in the states which is all I care about.
$2.41
2 weeks later and it's $2.65.