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Pump price on one-way path

Sun., May 23, 2010

The Spokesman-Review

On May 1, the price of a barrel of crude oil was $88. The average selling price of gasoline in Spokane was $3.06. On May 20, a barrel of crude sells for about $65, a drop of more than 25 percent. During this three-week period, the price of a gallon of gas in Spokane has actually risen to an average of $3.09. When crude prices rise quickly, we see prices increase at the pump immediately. Apparently, it only works one way.

I can’t wait to hear what the oil companies will tell us. We’ll probably hear an explanation similar to “the dog ate my homework.” And it will make just as much sense.

David S. Hagerty

Spokane

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