Scott Imus, the Executive Director of the Indiana Petroleum Marketers and Convenience Store Association, is going to be in Knox Thursday night to discuss gasoline pricing. If you have ever been frustrated with gas prices that seem to be on a yo-yo, now is your chance to hear why.
Imus explained just why it is that you hear about crude oil prices dropping, but your cost at the pump rises.
“Hopefully their competitor is somewhere along the price that they obtain it at the terminal rack, that’s the wholesale cost that’s the most important price to our members. And sometimes we will see crude oil futures go down but wholesale prices actually increase for that day. And that’s something that’s farther on up the delivery system, that our members have no control over,” said Imus.
Imus explained that when gasoline prices do go down, the changes aren’t immediately obvious.
“Well, there’s also a lag on the upside too. I think consumers notice the downside because they expect to see dramatic prices being reduced at their pump when they hear of crude oil futures falling down. It does go down, it certainly would go down if you tracked it over a long period of time. With retailers, though, they’re not buying crude futures. They’re pricing their product based upon crude future. Their product is priced basically on where their competitor is,” Imus said.
You’ll also find out why prices are as much as 10 cents higher or lower in neighboring towns, or counties. If you’re frustrated, or if you find it impossible to drive to work with these gasoline prices, now is your chance to not only find out why prices are what they are but to express your concerns to your legislator as well.
The forum is being sponsored by WKVI Radio, State Senator Ed Charbonneau, State Representative Nancy Dembowski, and Knox Mayor Rick Chambers.
The forum begins at 6:30 p.m. and will be held at the Knox Community Center.