Friday, 01 June 2012 18:52

AUDIO Gas Prices Slow To Drop As Oil Prices Plunge

Written by  Larry States
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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.

 

Last modified on Friday, 01 June 2012 19:40
Larry States

Larry States

Larry States has been a news anchor and reporter for 36 years at radio stations in Akron and Canton, including the last 26 at 1590 WAKR. States served as News Director of WAKR for 14 years. Larry also served as news director of the former WAKR TV 23 in Akron. Larry was inducted into the Broadcasters Hall of Fame in Akron in 2004. He is currently a member of the Summit County Emergency Management Committee. An Akron native, Larry is a 1970 graduate of Hower High School and a 1975 graduate of the University of Akron. Contact Larry through the newsroom at 330-864-6397 or email at lstates@rcrg.net

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