Quote:
Originally Posted by Bowser
Say that there are 250 million personal use vehicles in use in the US today. Let's say that 70 million of these people stop to get gas today, and the average gallons put in is 11. Going on the averages of what gas costs today as to the last time crude was this low, and assuming the average cost/gal is 3.25, that's 770 million gallons being pumped, for a cost of $2,502,500,000. Compare that to if gas were 2.75/gal, the figure would be $2,117,500. That nearly 400 million more in ONE day.
I know I'll get the "  " smilie from Donger for asking this, but why isn't the price of unleaded where it was the last time crude was this low? |
Because this collapse happened VERY suddenly, not over a month or so. I haven't looked at the numbers, but I think it's close to a 10% drop in crude in three DAYS. Add to that the fact that the price drop of gasoline lags a good week or two crude. Crude doesn't just magical turn itself into gasoline overnight.
We should see prices on gasoline drop to the $3.20 range or so over the next few weeks if the slide continues.