I think I'm with Goblinchief on this one. Even OP's "low" price ($1 a pound) seems high, and shipping is the likely culprit.
Up here in expensive Canada, expensive Bulk Barn is selling steel cut oats this week for 89 inexpensive Canadian cents per pound. Buy ten bucks' worth, use the omnipresent $3-off Bulk Barn coupon, and you're talking, um, 53 American cents per pound.