Why is oil barrel price dropping but gas prices rising?
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I live in California, lately the price per barrel has been dropping but gas prices has been steadily rising? I do not know why. Is it because of summer time? Thanks
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Answer:
Crude oil is not refined. Also not all oil that is refined is converted to gasoline, a lot is allocated for plastics, styrofoam, and other textile purposes. Also Opec has a lot to do with over all price.
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Other answers
Yes - they change the gasoline blends in the summer, causing the price to increase.
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