Umm, no. Busdrvr said that they had dropped 70 cents in the past week or 2. So I looked up wholesale unleaded on the NYMEX for the past two weeks. Prices ranged between 1.80 and 2.10.FWAAA said:Busdrvr is correct. You appear to be confusing pump prices with wholesale futures prices.
Wholesale gasoline futures hit a peak of $2.92/gallon on Aug 31, and last week dropped below $2/gallon. Actually, Busdrvr understated the magnitude of the drop.
http://www.bloomberg.com/news/markets/energy.html
Wholesale gasoline futures have dropped like a rock since Labor Day. Too bad JetA hasn't tracked alongside; Jet fuel is still very expensive.
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The 2.92 quote was a very short term spike and had very little impact on actual prices paid. Otherwise, gas would be closer to $4.