Crude Oil - Rude Gas Stations!

Well well well... I think we have enough wells. LOL -

Here we are. Oil, Black gold, Texas tea...
Ok, for starters, there is good news today. For the past week the price for crude oil per barrel has gone back down... Slight decrease, but not compared to May when it was under $50 a barrel. But here is where I have a problem. The price of crude oil per barrel has been slipping downward for the past week. But the cost of my fuel has not decreased in the least bit. It has remained the same price. I am confused about this, if crude oil prices drive gas prices then why haven't we seen a relief at the pump?
Does anyone have an answer?

My initial thoughts are in the fact that we do not have enough refineries. I do not believe it is the amount of crude oil we have, it is the amount of refineries. Can we get the product to market? This is economics 101. I am not saying to build, build, and build; however, about 5 more refineries would probably do the trick. There has not been a new refinery built in the U.S. since the 1970's. Well, now there are more drivers in the U.S. then there were in the 1970's. Some of us even remember the fuel hikes back then. I am new driver to that old statistic and I am well into my 30's.

I am not sure if there is an end in sight or any relief in the actual cost of fuel. Some researchers believe that the individual fuel station owners are responsible for maintaining the high fuel cost.

Kenneth Deffeyes predicts a "global recession, possible worse than the 1930's Great Depression" and at worst he warns of "War, famine, pestilence, and Death."

I am not sure about you out there in internet land, but I am not to favorable of the "doom and gloomers" that bring unrest to everyone. For the most part, I try to remain in the middle. An old statement I believe in is, "Expect the worst, Hope for the best, and take whatever comes."
Do I predict war, death, famine, or pestilence? No.
I think Deffeyes has been reading from the old testament lately.

Whatever your belief is, well I would not mind hearing your side. Does not mean I agree with your side.

LT signing out...