Crude oil price dropped 25% since March - KOTA Territory News

Crude oil price dropped 25% since March

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The price of crude oil dropped twenty five percent since March, so why aren't gas prices dropping as well?

Oil prices and gasoline prices are closely connected, but John Quinn, a local economist, said there's usually a lag factor to consider.

According to Quinn, when oil prices shoot up dramatically like they did earlier this year, gas prices don't shoot up quite as fast; and vice versa. But he says we may see some relief at the pump soon.

"What I think will happen is, if we don't see any increase in the price of crude oil, we will see gasoline prices drop fairly significantly as they have over the past 6-7 weeks," said Quinn.

Quinn said the price of crude oil depends on many factors, including the economic crisis at home and worldwide.

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