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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Sunny Jim who wrote (62320)1/19/2007 1:23:59 PM
From: mishedlo  Respond to of 116555
 
How quick people forget.
Gas prices were over $3 and now they are $1 lower. My friend Steve who lives in Michigan got gasoline last week at $1.87 I seem to recall him saying. I think we are still around $2.20 or so. There was an uptick in crude prices last month. That has now been taken back.

What seems to happen is that gas prices are very quick to rise when crude jumps but much slower to drop the other way.

At or near $2 the US has one of the lowest gasoline prices in the entire world.

Mish



To: Sunny Jim who wrote (62320)1/19/2007 2:02:05 PM
From: benwood  Respond to of 116555
 
Actually, when oil prices *rise* they say pump prices go up instantly because of cash flow, in other words, LIFO. But when oil prices *drop* it's FIFO. Just the free market in action, is all, charging the highest prices possible with the least fuss.


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