Lower Oil Prices, But Gas Prices Still High - KCBD NewsChannel 11 Lubbock

9/18/08

Lower Oil Prices, But Gas Prices Still High

With the price for a barrel of oil now fewer than $100, most motorists are hoping that means the price of gasoline will also come down.

Some South Plains' drivers say they are a little confused as to why high gas prices are still sticking around. "Because every time the price of oil went up, the price of gas went up because they said oil was going up. The price of oil is fallen and the price of gas is staying up, then they find a whole lot of excuses," said one angry motorist.   

It's true, the price for a barrel of oil on Thursday was $97 and even earlier this week was only $92. That's a big jump considering the price for a barrel was $150 some months ago. But back in April, when a barrel of oil was last $97, a gallon of gas was only $3.33. 

The owner of Bolton Oil says sometimes the two can't be connected. "Gasoline has not be directly the result of oil because when oil got to $150 the gas was high, but it wasn't high as compared to right now," said Charles Bolton, the owner of Bolton Oil. 

At Wal-Mart on 4th and Avenue Q we found one of the cheapest places around town at $3.55 a gallon. But on the other side of town gas is 17 cents higher at the Fina on Avenue A and West Texas motorists say they are tired of it. "I don't think we need more government regulation, I think we need to fire some CEOs," said one motorist.

Could it be the hurricanes that are keeping these gas prices right now? "That's what they are telling us. Of course the refineries and the problem in the Galveston area tell us they are back up and running they got a little down time from the time they didn't have electricity. So hopefully getting everything back on line you will see some decreases in the future," said Bolton.   

But some motorists aren't buying it. "We've had hurricanes ever since I was born, so to me it's just a way to make money and I really am disgusted with them," said a frustrated motorist.   

Could there be light at the end of this tunnel? "The street price has shown a little decrease at this point and decreases are getting a little more often, so I think you'll see the street price go down in next few days possibly dramatically," said Bolton.

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