Can someone please explain the logic (if there is any) of fuel prices?
Economy - Economics USA
In Phoenix, the record high average for unleaded fuel was around $4.00-$4.13 per gallon. That was at the time US cruel was trading at its all time high of $147.27 per barrel. Since then, the price of US crude has dropped more than half. So wouldn't you expect the price of fuel to drop the same amount? According to my logic, we should currently be paying $2.00-$2.07 per gallon. Does anyone understand why in reality this is not the case?
to see Phoenix historical fuel prices. Directly above the chart you can select different time frames such as the last 18 months, 1 year, etc...