Gas prices remain high despite a drop in U.S. oil
prices, and U.S. Secretary
of Energy Jennifer Granholm
says prices will be up as long as
the Russia-Ukraine war is happening.
Oil prices dropped Tuesday. Granholm
gave an explanation as to why we are still not seeing any change at the pump.
"It's called rockets and feathers, meaning when
the price goes up, price per barrel, that means your gas station prices
go up like a rocket, when the price goes down per barrel, the gas station
prices come down like a feather and why is that?" says Granholm.
"There is about a four-week lag between the time the oil price drops and the gas
station price drops."
Granholm says gas prices lag
behind oil prices because the oil has to go through the refinery process, then
pipelines, then to local gas stations.