Explain gas prices to me

Update – Friday

Upon predictions that crude oil could be $150 a barrell by July 4, oil prices are soaring to record levels, up more than $11 in one day.

So let’s see how long it takes for gas to spike. Hours? Because it only seems to change when costs go up, not down.

We’ll see, huh?

My trip to St. Louis in a month just got more expensive. The Cubs better win…

I’m lost.

Really, I am. I need an explanation, and since it has nothing to do with sports, I won’t feel like an idiot for not knowing the answer.

If the study NBC News reported on last week is true, 76 percent of what goes into determining our gas prices is based on the price of crude oil.

OK, so if that’s the case, (and maybe it isn’t, I don’t know, I’m just believing what I’m reading again) why have gas prices risen 2 cents in the last seven days when the price of crude oil has dropped nearly $13 — $13! — over that same span (closing around $122 today after peaking at more than $135 last week)?

Huh?

And if you don’t think this has anything to do with sports (and I didn’t at first), ask me again a month from now after I’ve driven round-trip to St. Louis for Cubs/Cardinals on the Fourth of July weekend.

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Filed under Chicago Cubs, Designated Hitter, Major League Baseball, Sports, Sports columns, The Sanford Herald

One response to “Explain gas prices to me

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