Quote:
Originally Posted by nynor
just for frame of reference, how much has a barrel of crude dropped? how has this driven prices at the pump? what is driving the price drop, both for barrels and at the pump?
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The most common crude benchmark we use in the US is west texas Intermediate.
WTI has been relatively stable averaging about $105 for a couple years. it's about HALF that now.
In London they use brent crude as a benchmark which was about $15 higher than WTI a year ago, and is now within a dollar or two of it.
Last year we were selling unleaded regular wholesale for $2.70, now it's $1.42
Oil has fallen slightly more than gas but gas is catching up.
Diesel and jet fuel have fallen a little but nowhere near as much.