Oil Went Down $4 A Barrel Today But Not At The Pump

well you know Bush is still President....wait till he leaves

 

and Exxon still hasn't paid for the oil spill back in the 80's or 90's

 

I've seen a very small drop in fuel prices some of the stations, but gasoline is actually still climbing. Was $2.97 last week, today $3.05.

 

Gas here, today 3.39. It hasnt been below $3 this year so far.

 

Its odd but the price in Cheyenne has tiptoed down a few cents, also a few places in CO that I went by this week. But others have gone up since last week.

 

Simple economics......

But in reality, corporate greed.

 

Futures contract
This would commonly be in a futures contract for delivery in the following month.
In this type of transaction, the buyer agrees to take delivery and the seller agrees to provide a fixed amount of oil at a pre-arranged price at a specified location.
Futures contracts are only traded on regulated exchanges and are settled (paid) daily, based on their current value in the marketplace.
The minimum purchase is 1,000 barrels.



http://news.bbc.co.uk/1/hi/business/904748.stm