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That is a good catch

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Im a Tarte, what! you want some of this?

The price of the crude can drop and the prices at the pump can rise because the gas that is in the tanks at the station was purchased prior to the fall in price, the price at the pump reflects the price of the crude from about a month prior.

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Ok I am confused. If that gas was bought at x price yesterday, and today the price of crude went down, and the station is still pumping off gas it bought yesterday at x price, why did the price of gas go up?

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The difference between a Socialist and a Communist is that the Socialist doesn't have all the guns yet.

Psychology...plain and simple.

Did more oil hit the market?

Did fewer people buy?

No....the supply and demand stayed the same.

Simple short term profiteering. Cause the price to drop today, stock-up, then sell it again in two weeks.

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"For time and the world do not stand still. Change is the law of life. And those who look only to the past or present are certain to miss the future."
"Conformity is the jailer of freedom and the enemy of growth"
"Too often we... enjoy the comfort of opinion without the discomfort of thought."
-JFK

Knight Errant of the Simian Order
Truth - Justice - Comedy

Well, for one, it takes a week or two before the oil bough it turned into gas ans shipped to the gas station.

Also, the supply of gasoline is different than the supply of oil. One of the biggest problems with gasoline prices is that we consume more than we refine. So we import 5% of our gas. If that were to be taken care of, gas would cost 50 cents less per gallon.

If congress allows it, there will be more oil.

Yes we consumed 2% less oil (that's a really big number)

Also, the market trades on news, not actual numbers. So him saying that could have had an impact. However, I think the 2% decrease in consumption played a much bigger role.

2% less in one day?

How do you come up with that?

The OP was pointing out that the drop started AS HE WAS TALKING.

There may have been less trading for a day, but that is not CONSUMPTION.
Besides, it is impossible to collect and consolidate that kind of data so soon...

Your post does not even apply

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"For time and the world do not stand still. Change is the law of life. And those who look only to the past or present are certain to miss the future."
"Conformity is the jailer of freedom and the enemy of growth"
"Too often we... enjoy the comfort of opinion without the discomfort of thought."
-JFK

Knight Errant of the Simian Order
Truth - Justice - Comedy

You buy gas for $1, you go down the street and sell it for $1.50. But you know the next time you go and buy gas you'll have to pay $2.00. In order to make the money to buy that next gallon of gas, even though you bought this gallon at $1 you'll need to charge $2.50 for it to make the same profit and be able to buy the next gallon of gas. The converse of the scenario is you buy that gallon at $2.00 but the next time you buy it's going to cost $1.75, you'll continue to sell what you got at $2.50 until it runs out, and then your next gallon you can sell for $2.25, but not until your current gallon runs out. Trouble is that the time line is much longer and what comes out of the pump predates what's being sold on the market.

That probably didn't clear anything up but I tried.

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[qutoe]You buy gas for $1, you go down the street and sell it for $1.50. But you know the next time you go and buy gas you'll have to pay $2.00. In order to make the money to buy that next gallon of gas, even though you bought this gallon at $1 you'll need to charge $2.50 for it to make the same profit and be able to buy the next gallon of gas. The converse of the scenario is you buy that gallon at $2.00 but the next time you buy it's going to cost $1.75, you'll continue to sell what you got at $2.50 until it runs out, and then your next gallon you can sell for $2.25, but not until your current gallon runs out. Trouble is that the time line is much longer and what comes out of the pump predates what's being sold on the market.

That probably didn't clear anything up but I tried.[/qutoe]

That would make sense if the price raised on July 15th, but it did not rise. It dropped. So in order to make money off that gas purchased at $1, it would need to be sold at $1.50 like it was on the 14th.

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The difference between a Socialist and a Communist is that the Socialist doesn't have all the guns yet.