Gas Prices Approaching $5 at the same time Demand for Crude Oil at 12-Year Low
Can anyone explain to me how this system works. We are seeing near-record costs for gasoline at the same time demand for crude oil is at an all-time low.
…”Imports fell 1.7 percent to $210.9 billion. A big reason for the decline was that demand for crude oil fell to a 12-year low, which offset higher prices.”… (Source: Forbes)
The EIA indicates that higher crude oil prices are the cause of the higher gasoline prices, not additional taxes or increases in refining.
Graphic Source: EIA
UPDATED – POLL: What will $5 per gallon gasoline mean to you?