gas futures dropped 50c a gallon this week. when will gas stations lower prices

[moonshinegnomie]

asking for a friend......

[Ocelot II]

1. They have to sell the gas they've already paid for in advance.

Gas station owners don't control those prices; they're mostly just independent retailers or franchisees. Only about 5% of all gas stations are owned by the refiners. When they are able to buy gas at the lower price charged them by the refiner which reflects the new lower price of crude, they will be able to reduce the price they charge consumers.

[jimfields33]

2. True. That's why that guy in California got fired for accidentally lowering the price of gas.

[MichMan]

3. He set it at 69 cents a gallon costing his employer a substantial amount of money

[MissB]

6. It does make me wonder

Was it supposed to be $6.09 or $6.90.

Still seems like some folks took advantage. I wouldn't feel right about doing that.

[Polybius]

7. I would

If it says .69 cents I'm filling up ASAP.

[Magoo48]

4. Why should suppliers drop prices? Nobody in authority is demanding they do so

or threatening them in any way. And, the public who should be boycotting and using their cars only when absolutely necessary, keeps rolling along, only stopping long enough to blame our President.

[MissB]

5. On the 12th

of never?

I would guess that they'll slowly drop the prices, but I doubt we'll see an appreciable drop before Labor Day. Too much $ to make with summer travel.

[MineralMan]

8. They will do so when demand goes down for gasoline.

So far, that has not occurred.

[MineralMan]

12. Is it? Not necessarily. Some people cut down on driving

for unnecessary trips when gas prices are too high. Others car-pool. Some drive a different car when prices are high. No, demand can change visibly anytime. It has happened before.

But, many people aren't willing to change their driving habits. They'll just complain about the price and keep right on doing what they do.

[MineralMan]

14. There's very little profit margin for retail gas stations on gasoline.

They're all paying the same amount for the gas in their underground tanks. Gas sales pay the overhead. That's it. Real profits come from the convenience store attached to the station.

That's how that business works. Gas stations can't lower their prices, really.

[Brother Buzz]

13. The day after the midterm general election

[Angleae]

16. When there's a republican president.