Viewers 'Curious' About Cheap Oil, High Gas Prices
CBS
Curious WBZ viewers want to know why they aren't seeing more relief at the gas pumps when the price of crude oil is down more than $40 a barrel since its high in July.
Carol from North Attleboro sent in her Curiosity: "Why is gas still hovering around $3.50 (a gallon) with oil hovering around $101 (a barrel.) In January, the price per barrel hit $101 and gas was $3:13."
In mid March, the price for a barrel of oil was $102.56 while the average gallon of gas was $3.13.
Currently, a barrel of oil is selling for $100.91 but gas is averaging $3.55.
So what gives?
Experts say gasoline inventories are so high that refineries are trying to keep the price inflated.
"Refiners had gone from making a reasonable profit to making almost no profit," said Mary Novak of Global Insight.
Local gas station owner Fouad Alzaibak said the oil companies are the ones making a profit and that he is being gouged. He says he may have to shut off his pumps until prices come down and even out the way they should be so he can make a profit off the sales.
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