Oil Sell-Off Could Force Prices Down At The Pump

LOS ANGELES (CBS) — For months, soaring gas prices have made drivers aggravated and angry but prices could drop fifty cents by the end of the month.

Crude oil prices plummeted this week from $114.83 on Monday to $97.18 by Friday, a drop of 15%.  Even though gas prices are still expensive, this could start to trickle down to the gas pump, up to a drop of 20, 30 or 50 cents by Memorial Day Weekend.

Even with the drop, the average price of filling up an average gas tank will still be $60-70 per car.

(©2011 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

  • JJ

    Market price for crude dropped 15% in ONE day. Yet we won’t see a 10% drop in gasoline for another 30 days? Scandalous!

  • http://losangelesforme.com/2011/05/oil-sell-off-could-force-prices-down-at-the-pump/ Oil Sell-Off Could Force Prices Down At The Pump | Los Angeles for Me

    […] For months, soaring gas prices have made drivers aggravated and angry but prices could drop fifty cents by the end of the month. More from: http://losangeles.cbslocal.com… […]

  • Tracker

    Yup. They got their $100 per barrel price they wanted. Now $97 seems like a bargain. Gotta love pure market manipulation.

  • Robert Yaffe

    OBAMA here our cries .Since we the people give our tax money to the OIl Companies Give up discounted gas prices or a taxe deduction per car in a house.or dont expect to be re-elected

  • Fed up American

    Anyone else besides me ever notice..that within minutes of a “hike” in the price of a barrel of crude, the stations all start jacking prices up? Even tho every refinery out there has over 100,000 gals of refined gas in storage at the tank farms..but when a crude oil price falls, it takes weeks or even a month to slowly drop the pump prices…
    Another thing that bothers me..they list the NATIONAL price of regular at about $ 3.70 or $ 3.60…If I am paying $4.29 a gal..who the hell is getting gas for under $ 3 20 or $3 25 to make that average ballance out..?

  • Pam Phillips

    corruption, corruption. Price from one station to another is a difference
    of 40 cents here in CA. When gas drops 30 cents, I guess Obama will
    say what a great deal. This alone is going to be this countries demise.

    • me

      One Shell station on Prospect in Redondo Beach had low-grade at $4.53 (!!!) recently, yet another Shell only a few blocks away was $4.20. I am with you, Pam!

  • Big John

    there was a time i did not mind giving a friend or family a ride somewhere now days i can not even go for a ride if it is not to work. & when someone says ill give you ten bucks for a ride i just laugh, they do not understand that ten bucks will get us nowhere.

  • Andy

    These prices are caused by speculation. These “speculators” should be required to take delivery of the oil that they “speculate” on. The current system is much like the housing bubble, in the sense that people without the means to purchase the goods are allowed to drive the prices up. We all pay, and the people with the smoke and mirrors line their pockets. If bidders were required to take delivery, or use actual money, the price would immediately plummet. The system is broken. The market is crammed with “speculators”, and is in need of a serious enema.

  • Ed

    God dam oil companies. Sure the price of oil drop by 15 dollars per barrel. But you will wait a see. it’s going to take a month or two for gas prices to drop and for what 10 to 20 cents. Fu_k that!!!!! And all hear from the president is invest in new technology/clean energy. I didn’t vote for him before and am for dam sure am not going to vote for him again. Am to the point that I cant afford anything anymore. between gas price & the value of my home taking a dump. What do I have to look for. Am 48 years old, is there going to be S/S when I turn 65. Guess what? NOT!
    People our children & our future are F_CK!!!!! Just kill me now!!!!

    • Pamela

      Ed– your right on. Our future is uncertain. More scary is our kids/grandkids
      future!!! We need a president with balls. The Middle East and Valenzuela
      pay 9 cents per/gal.

  • joke

    SCAM!!!! They make more money on the way down. If one year ago it was $75/ barrel=$3.50/gal. And at its high of $112/barrel=$4.50. Now oil is $95/barrel=$4.00/gal.
    When it goes up, they they charge cents extra. Now that its gone down, price is still the same $4.50/gal. That’s $.50/gallon EXTRA, on top of the PROFIT they already make for mark up.
    These oil companies are SCAMMERS, and RIP OFF artists, with the governments ok.

  • scott

    one thing people dont know when oil prices drop too low we loose our jobs in the oil field the oil companys quit drilling and stop almost all there projects a few years ago we were layed off for 12 months due to oil prices there were 400 people layed off just in my small company and 20,000 just in ca that was oil workers all they way down to office staff its like any other business if they cant make money they slow down on work being handed out i hate the prices just like everyone else i drive an hour each way to work and home so i know the gas prices hurt but not as much as not being able to feed your kids

    • Mr , Time

      Trade in your $30,000 car for an American made Zenn Electric Car for $12,000 dollars; That way your ( KID’S ) will have food……

  • joke

    This is BS. Over three days with oil below $100/ barrel, and prices STILL HAVEN’T GONE DOWN!!!

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