Why gas stations charge the same price even when oil prices drop
Oil prices experienced their biggest drop in three weeks
The price of a barrel of oil has experienced sharp declines on Monday following the agreement forged this weekend with the Group 5 +1 , the five permanent members of the Security Council of the UN plus Germany , and Iran 's nuclear program Persian republic.
The price of a barrel of Brent , the European benchmark , fell on Monday for the first time in four days. After logging in to three dollars below the closing price of the last 109 Friday - , deepened its fall to the 108.05 dollars.
Also, the price of a barrel of oil in its variety Texas, reference to the U.S., down to the $ 93.62 , $ 94.15 from the beginning of the session and the $ 94.84 late Friday .
Under the agreement , Iran agrees to halt its nuclear program in exchange for an easing of economic sanctions imposed on the country . Iranian oil exports continues to be limited, but the number will be one million barrels per day after the deal closed in Geneva .
Even with such a steep drop in prices my local gas station still is charging the high prices it normally does. What am i missing, shouldn't the retail prices be lowered when overall wholesale price goes down.
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