Yesterday, I purchased regular for $3.19 a gallon. It was a "madhouse". The station across the street, turn off their pumps but where I was, people were cutting each other off, honking horns and being very disrespectful. It basically gave me an idea of where we are heading when we run out of oil. It's a scary thought.....
Message Posted: Aug 9, 2011 7:57:39 AM
I asked the station attendant why they were lower than other stations that were at $3.39-$3.49 and his response was the owner wanted to make a lot of money! Futures at that time were at $2.85 for unleaded.
Anyway, looking at the RBOB gasoline futures contracts today, they are at:
I have been following these closely the last several months. I also drive every week to Memphis for work. So here are my observations. In St. Louis when Crude Oil increases 1-2%, our retail gasoline jumps 19-26 cents a gallon the following day. ALL STATIONS RAISE THEIR PRICES IN UNISON. Stations in Memphis, don't raise prices in unison and there are NEVER price spikes like St. Louis. In St. Louis, we have a refinery in Wood River Illinois, In Memphis, they have a refinery just south of Downtown Memphis.
So why does St. Louis raise the prices in Spikes and Memphis and other cities I visit don't?
Also, we have had a 25% drop in Crude and over a 30% drop in RBOB. If the highest price was $3.99 per gallon on regular, and we used the 25% drop on RBOB as a conservative figure, our prices should be at 2.99 as a minimum but more likely in the range of $2.79.
Why is the Attorney General of Missouri and the Media not scrutinizing this blatant ripoff of the public?