Gas station prices near record but when will they drop?
Record gasoline prices cause stress for households and businesses. However, a drop in global oil prices doesn’t necessarily mean that the price you pay on bowser will drop immediately. “Over the last two weeks, we’ve actually seen oil prices drop by around $22 a barrel,” said Mark McKenzie, chief executive of the Australasian Convenience and Petroleum Marketers Association. Mark McKenzie represents gas station owners and thinks pump prices will drop in the coming weeks. ( ABC Illawarra: Sarah Moss ) “If that trend is maintained over the next few weeks and months, then we should really expect to see prices drop by a comparative margin.” Global prices for crude oil – which is then refined into gasoline and other products – have fallen about 15 percent in the past month. ( ABC News: Alistair Kroie ) However, the situation is complicated, with several factors — such as the invasion of Ukraine, refinery capacity, expensive pre-election promises, and a potential recession in the United Sta