[rodguy911]

$70.00 per barrel is $2.00 per gallon, $35 per barrel should be $1.00 a gallon for 87 octane. Something is screwed up.

[mysterio]

Something is screwed up.

The refiners have cut production way down to make more money from a bottlenecked supply.

[Richard Kimball]

Two things. First, there's a point below which it's simply not profitable to pump. Second, check the taxes. If gas were free, a lot of people in a lot of states would still be paying 70 to 80 cents per gallon, just to cover the taxes.

The worst will be if oil falls to a point that we quit pumping. Two things happened with the speculative build up. First, Soros and others were working hard to tank the US economy to help the Rats in the buildup to the election. Oil & gas rose until they realized it was helping Republicans, not Rats (drill here, drill now, pay less.) As soon as the Pubs starting getting traction, prices tanked. Also, there's too much money out there with too few good investments. When the oil prices started spiking, a lot of people with no place better to put money stuck it in commodities, specifically oil, exaggerating the spike. When demand tanked and Soros and others pulled their money out, it accelerated the tanking, as legit investors pulled their investments at the time it became obvious oil wouldn't go up forever.

[thackney]

$35 per barrel should be $1.00 a gallon for 87 octane

Gasoline is more than just crude oil.

[Go Gordon]

$70.00 per barrel is $2.00 per gallon, $35 per barrel should be $1.00 a gallon for 87 octane. Something is screwed up.

Yes, your logic. The price of gasoline includes many more variables than just the cost of oil. On top of that, there are usual fluctuations when it comes to winter/spring transition because of home heating oil and gasoline production/storage capacities, as well as outages for turnarounds. On top of that, we import the end product of gasoline, which also has a supply/demand influence. In summary, its not as simple as $70/$2 per gal = $35/$1 per gal

[Comstock1]

If you look at NYMEX the asking price on RBOB (which is a blend stock of gasoline) is around $1.28. When oil was around $35 bbl a couple months ago the RBOB asking price was about $.98. When you see this happening the only thing it can mean is that gasoline production is down. That means the refineries are no longer cranking at full capacity 24/7.
This also means that the refining system has the capacity to absorb some of the current fluctuation in the oil market without raising gasoline prices any further. Whether they do that or not is another question.

[The Wizard]

INDEED

[Always Independent]

Refiners are restricting gasoline production. I paid $2.44 at Shell in Palmdale on Wed.

[Syncro]

Obama rescinded Bush's opening up for more drilling.

He does not want to produce oil or gas. Or use coal.

Oil goes down, gas goes up.

Present Obama’s plan to destroy America's self sufficiency.

B. Hussein "Karl Marx" Obama.

His plan is working.

He is successful as Huckabee, McCain and others wanted him to be.