Gas prices increase around 2 cents for every $1 barrels of oil goes up.
 

Get ready. :Oh crap

makes the world's slaves against the oil nation...

Kind of...but kind of not.


Gas prices are dictated by oil prices (duh) ....

The oil being refined for gas now was purchased from contracts of early summer or maybe late spring.

Now what many people dont realize is that over 80% of oil that is transacted is hedged and the hedges are MUCH lower than the oil prices right now.

The hedges are like high 30's and that was a big step up cuz they were low 20's the first time oil hit 50. Tha analysts still think oil will flop....once they finally figure out that a new floor has been set the hedg prices will shoot up much closer to the actual contract trading price. so 3-4 dollar gass got you down? Try 6 bucks on for size

It actually went down today compared to yesterday.

We have been paying £1 a litre for a while here now.