About those gasoline prices …
Steamed about the latest run-up in gasoline prices?
So is Thomas Hoover, head of Newport-based Phoenix Energy Marketing.
He a fuel broker who wheels and deals for fuels and lubricants for a variety of customers, including independent service station operators.
Here’s a note he sent this afternoon:
“The market has dropped 20 cents in the past 5 days and has not hit the pumps. Current market price to buy is $2.55. Pumps are still at $2.80.
They are fast to jump on the band wagon to go up….. Slow to give it back to the already squeezed consumers.”
Retailers often will argue that because they bought the gasoline in their underground tanks at a higher price, they have to sell that off before they can lower prices. It’s a logical argument, but five days of sales should deplete that supply.
A logical conclusion might be that if the price of gasoline doesn’t fall momentarily in the next few days, someone’s not playing fair.
To shop around for the lowest gas prices by ZIP Code, use this Web site.