BLACKSBURG, Va., Sept. 24 -- Virginia Polytechnic Institute and State University issued the following news release:
The effects of the ongoing conflicts in the Middle East bring news of have sent crude oil prices surging, then dropping just as quickly. But why aren't those drops in crude prices reflected in corresponding drops in the price of gasoline and diesel we buy at the pump?
Economist Jadrian Wooten shared the reasons why prices shoot up so fast but float down so slowly.
As the Iran War continues, are the changes in fuel prices unusual?
"It's a familiar story any time there's a conflict in the Middle East: Prices shoot up fast but then take their sweet time coming back down. You could say that prices shoot up like a rocket ...