What will make gasoline prices drop?
“The simple answer is the price of oil must drop for gas prices to drop,” Wall said. For the oil prices to drop, oil production from Venezuela must increase and the United States and Iraq conflict must dissipate, Wall said. “It either has to go away altogether, or war has to be quick,” he said. “Then, oil prices will go back down.” Iledare said it is easier for gas prices to rise than to fall because market reaction to higher prices is faster. “If the price of crude oil rose today to $40, the price only would take about two days to rise,” Iledare said. “If the price dropped today to less than $30, the price may take a week to drop.” Iledare said it is important for consumers not to put too much blame on local gas retailers. “We should not crucify the sellers of gas,” he said. “They are responding to the market.
