I heard on the Today Show that oil prices have dropped by $2 per barrel?

Will we see prices go down at the pump as well?I heard on the Today Show that oil prices have dropped by $2 per barrel?
Nope. Price of a barrel has gone up over $120 in a very short time. A $2.00 per barrel drop in price today is negligable and will likely be reversed tomorrow.





Most of the refineries buy oil for months in advance. So day to day price fluctuations won't be seen at the gasoline pump.I heard on the Today Show that oil prices have dropped by $2 per barrel?
Well, the Today Show is misleading. Prices are fluctuating, probably because of the eathquake in China. They went up early and corrected themselves, so they are actually pretty much the same and trading is still going on. Don't expect prices to go down any time soon. There are supply problems and we might see crude go up to $150 a barrel. We need to drill and find alternative fuels.





EDIT: I just checked crude prices and they are up about $1.50. Iran is rumored to be talking about cutting production. Prices will continue to go up.
Maybe, but not by much. I'd say about 2-5 cents per gallon or so, I'll be surprised if it goes down at all actually.





I was looking at a gasbuddy.com price chart and for my area, the price of gas stayed at 115.9 cents per litre (I live in Saskatchewan, Canada) despite the price of crude falling $4 and going back up two days later.
it might go down but we'd be talking about a difference of cents probably. and then it'll go right back. seems to be the theme.





here's a really good site that explains a lot about the price of gasoline:





http://autos.aol.com/article/hybrid/v2/_鈥?/a>