Gas prices fall across LI, but not as fast as oil costs

Prices at the pump continue to drop as oil prices come down from their summer high, but many are wondering why they aren?t falling at the same rate. Oil prices are about 52 percent lower than they were

News 12 Staff

Oct 22, 2008, 12:25 AM

Updated 5,743 days ago

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Prices at the pump continue to drop as oil prices come down from their summer high, but many are wondering why they aren?t falling at the same rate.
Oil prices are about 52 percent lower than they were in July. However, the price for a gallon of gas is only 23 percent lower than $4 gas many across the country were paying this summer. On Long Island, those prices were even higher.
Sen. Charles Schumer (D-N.Y.) says the discrepancy can be attributed to oil companies. ?Big oil will look for any way to pick our pockets, and slow walking lowering prices is one of their usual tricks,? he says.
Gas station owner of 34 years Andy Harris agrees. However, Dowling College economist Irwin Kellner says expecting a percentage-to-percentage drop in price is unrealistic because many factors are involved in gas pricing.
Schumer says he wants Congress to look into possible price gouging.


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