Retail Fuel Prices Haven't Fallen Like Oil Prices -- Market Talk
DOW JONES & COMPANY, INC. 11:37 AM ET 4/30/2020
Symbol Last Price Change
CVX 90.92up -3.7 (-3.91%)
QUOTES AS OF 01:03:42 PM ET 04/30/2020
11:37 ET - Crude-oil prices plunged this month to all-time lows, while retail gasoline prices have fallen to a much- less-eyebrow-raising four-year low as oil companies don't seem to be passing on to consumers the full potential discount from crude's plunge. AAA reports US gasoline prices at the pump are averaging $1.77/gallon today, a bargain compared to the $2.88 average one year ago, but 8 cents more expensive than the $1.69 average in early 2016 when crude prices only fell to $26/bbl and rebounded rather quickly. Oil companies Exxon and Chevron(CVX), which both have retail arms for selling refined products, have seen their share prices rise 25% and 27%, respectively, this month. (dan.molinski@wsj.com)
