While crude oil prices have dropped more than $20 a barrel over the past three weeks, gas prices have dropped only slightly by comparison.
Ed Weglarz, of the Associated Food and Petroleum Retailers of Michigan and Ohio, representing gas station operators in the two states, says all the market conditions and a glut of crude oil and gasoline stocks should be driving gas prices lower a lot faster heading into summer. He predicts pump prices will drop over the summer months.
Weglarz tells AkronNewsNow "The refiners are not dropping the price of wholesale product to the retailers with the same robustness as the price of crude is going down."
Weglarz says some oil refiners are not dropping prices as low as they should because of profit-taking. " All the fundamentals point to the price going down, and if it doesn't, then you're just looking at pure greed," says Weglarz.
Ed Weglarz says dont blame retailers for gas prices remaining higher than they should. He says they're still making the same slim profit margin, while the refiners are benefitting from the profit-taking and greed. He says gas station operators promptly drop their prices at the pump when refiners do the same with the wholesale price.