Buffalo Boy's Blog

Okay, yesterday, oil dipped to a 4 year low and could go under $40 a barrel. What is wrong with the WNY gas price scenario? I do think that we haven't seen the last of $4 gas and beyond because there has been some disturbing news of declining production in some key countries like Mexico and in the Middle East but thats beside the point.

Gasoline futures due to the decline in oil are currently at $1.01 a gallon. So, is that then to say that we here in WNY pay over $1.20 in taxes on a gallon of gas? I don't think we pay 120% in tax on gas. So why are we still seeing $2.25-2.35 a gallon where ever you go? I saw a $2.19 yesterday and that is the lowest I have seen so far.

We should be under $2.00. We should be way under $2 and if we are not under that by Christmas, questions need to start being answered and fast. This is pathetic that we, one of the more economically depressed areas even before the recession, are hit with the highest prices in the country, by far. Just about every where you look, gas has gone well below $2.

It would be nice to get a break with prices around $1.50 a gallon for a while. The oil companies, traders and the industry as a whole owe that to the consumer after the huge price spikes of this past year. They will make their profits still, it just won't be in the billions of dollars.