Oil falls to lowest level in 6 months

[sinkingfeeling]

http://www.usatoday.com/money/industries/energy/2011-08-04-oil-prices-august-4_n.htm

NEW YORK — Oil posted its biggest one-day drop in three months as investors worried about another recession.

Crude prices tumbled nearly 6 percent Thursday, outpacing a broad sell-off on Wall Street, where major indexes were down more than 4 percent.

This should be good news for motorists. If oil holds at these lower levels, the drop could be felt within days at gas pumps across America. Fred Rozell, retail pricing director at Oil Price Information Service, said the recent slide in oil could cut between 20 to 35 cents from a gallon of regular over the next month. The national average is currently $3.703 per gallon.

"You could see some sizable declines at the pump," Rozell said.

Thursday's drop in oil should bring down wholesale gasoline prices almost immediately. That usually is followed by a drop at the pump. Retail station owners, operating on slim profit margins, are reluctant to pass those savings on to consumers, but competition among stations eventually forces their hand

[jpak]

1. the Crack of Doooooom!

not

[lonestarnot]

2. Meanwhile, back at the ranch, prices at pump keep rising.

[goforit]

3. Good news?? Tell that to the gas stations hogging the profits.

[DainBramaged]

4. And most around here are foreign owned, pigs at the trough

In my town the two gas stations are owned by an Indian family. Whee I work, Russians and Middle Eastern family which owns two different brands.



What ever happened to franchises being sold to Americans??????

[aquart]

5. I'm pretty sure it isn't the gas station that's getting rich.

You really ought to do some research and provide links before you accuse.

[elocs]

6. You're right, gas stations make very little profit selling gas.

I would have hoped that most DUers would know that.