Why aren’t gas prices even lower? It’s complicated

Portland Press Herald - A barrel of crude oil was selling for $47 Friday on the global market. The last time it was that cheap, consumers were paying an average of $1.87 at the pump in December 2008.

"It is in this 'feathers' stage of rockets and feathers that retailers need to earn enough profit on sales to cover much of the fixed costs of operating a station," concluded Michael Noel, an economics professor at Texas Tech University, in a 2012 study.

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