See What People Are Saying About... Crude Dropping But Not Prices At Pump
Whether you’re in the trading pits or at the corner ice cream parlor, it seems the price of crude oil is the main topic of conversation these days. So it probably comes as no surprise to you that crude has dropped $15 in just a few days.
Fast Money viewer Robert M. from Colorado writes, “The fact that oil has dropped so much in three days shows it wasn't due to speculation. It's just that China and India suddenly decided they didn't want oil anymore so the demand dropped.”
And Joseph P. from Missouri writes, “Why aren’t we seeing a significant drop in the price of the pump?
"That’s because oil contracts being traded now are for oil that won't be delivered until next month,” says Associated Press Energy Writer Adam Schreck. “That oil still has to travel to a refinery, be broken down into gasoline and other products, and then get shipped again before it reaches your local filling station.”
Another factor says Schreck is the fact that prices at the pump didn’t rise as much as refiners and retailers would have liked. “Falling U.S. demand made that impossible. And so, with an eye on their bottom line, they're not likely to lower their prices all that quickly -- even with oil prices declining sharply."
And that leads to our Fast Money Reader Poll.
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