The current administration is making noises like they will go back to issuing gas and oil leases but it doesn't appear to be actually happening.
The solution? Letting 15% Ethanol become a year-round percentage nationwide.
Only problem is that ethanol comes from corn, and in case no one noticed the dotard in the Oval Office has already pronounced food shortages are on the way.
No solutions, just dumb $h!+ hot air from the mushmouth.
Reg gas is easing this week, down from low $3.80's to mid $3.60's.
[This message has been edited by USFiero (edited 04-22-2022).]
Peter Coy is the economics editor for Bloomberg Businessweek.
Maybe(?) available as a "freebie", even without a subscription to the New York Times online.
EXCERPT
quote
... refiners have little to no control in the short term over the prices they get for the products they make. In the language of antitrust, refiners are “price takers,” not “price setters.”
Refined products such as gasoline and diesel are pure commodities: standardized, storable, easily tradable and produced by thousands of competitors in a global market. A company that tried to charge a dime more than its competitors would quickly lose customers.
EXCERPT
quote
President Biden, frustrated by high inflation, is threatening oil producers and refiners with federal investigations over their pricing practices. In November, even before prices really took off, he asked the Federal Trade Commission to look for evidence of gouging. He wrote to the commission’s chair, Lina Khan, “I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct.”
But forcing refiners to accept lower prices for their products would only create shortages. The demand for gasoline, diesel, jet fuel and other refined products at the artificially low price would be greater than the supply, a recipe for chaos. Lawrence Summers of Harvard, who served as Treasury secretary in the Clinton administration, told Bloomberg Television this month, “The ‘price gouging at the pump’ stuff, the more general price gouging stuff, is to economic science what President Trump’s remarks about disinfectant in your veins was to medical science.”
A "helluva read."
[This message has been edited by rinselberg (edited 05-23-2022).]
So the Federal Trade Commission has been looking for signs of price gouging, specifically with anything fuel-related since November, and hasn't found anything.
How do we know they haven't found anything? Because it would be national news and publicized court cases with the Government proudly walking the accused through the streets in handcuffs to show everyone that it wasn't their fault.
So... Logic (This is a hard thing for our Leftie members to understand) tells us that there is no price gouging happening, and further, that the rise in prices is from a source outside of the control of the fuel supply, from the people pumping the oil, transporting it, refining it, and selling it.
If it was something anyone inside the realm of fuel could manipulate, the Government would already have them sitting in a cell.
After all, they have been watching for something... Anything since November.
For 2 years the governments (of the entire globe) made it as difficult and expensive as possible to produce anything, and in some cases totally impossible, and they want to go looking for a scape-goat over rising prices ?
Simple free market at work. They caused one hell of a shortage that wasn't noticed because everybody was locked-down and not using "stuff", and then once life returns to semi-normal and demand for "stuff" returns there are shortages and prices skyrocket.
Much - if not most of gas prices aren't a product of 'on hand' supplies.
As it was covered pages (and years) ago in this thread speculators - who establish prices on projections are who/what establish prices.
Policy regarding future licences absolutely determines pricing. No one is languishing about the oil rig lot waiting to rush out, drop a drill and start pumping gasoline.
Mix international politics in and the problem is aggravated. America needs to drive the energy sector not withdraw from the field.
No one is languishing about the oil rig lot waiting to rush out, drop a drill and start pumping gasoline.
You are correct, because gasoline doesn't come out of a drilling rig's borehole. Drill cuttings, return mud, salt water, natural gas, and crude oil do, but not gasoline or diesel.
Gas tax holidays are helping make the temporary price relief look better than the fact gas prices are still historically high.
I did find regular for just under $3.10 in a few places between Middle Georgia and the coast, but Georgia governor Kemp keeps extending the suspension of state gas tax.
It's funny to see the propaganda headlines. 'Gas dropping to the lowest levels in a year' .
When really it only dropped barely $0.20 a gallon
Also, because of misguided politics, Pedo Pete released millions of barrels of SPR to the tune of 240 million barrels, which causes the SPR to be at the lowest level in history.
No worries, it only goes till the end of October, and once the election is over it will skyrocket. But Dem politicians don't care after the election is up and it is worth doing to keep a few Dem seats from swinging.
After the election when everyone is bitchin, they will gaslight you and tell you to go buy an ev.
Originally posted by Wichita: No worries, it only goes till the end of October, and once the election is over it will skyrocket. But Dem politicians don't care after the election is up and it is worth doing to keep a few Dem seats from swinging.
After the election when everyone is bitchin, they will gaslight you and tell you to go buy an ev.
After the election, the price increase will be blamed on any Republicans that are voted into office. It doesn't matter who is still in charge of what, the Dems will say that they were going to do X to stop the sudden increase, but the Republicans that got voted in wouldn't work with them. If Republicans are in charge of anything (House/Senate), it'll be a price hike because of the policies they put in place.
Any increase before the election will be because of the oil producers being afraid that the Republicans may be in charge.
Originally posted by USFiero: Regular around $4.39 near me. Premium a hair below $5 but I'm hearing it's all about ten cents higher in FL where I need to go for a couple weeks.
My Dad lives in Florida. I visit, the first time I did, I mentioned Florida's gas prices are higher than Texas.
He told me that that higher gas prices are because of a higher tax on gas. Because all the visitors buy gas and the higher tax helps keep property taxes lower.
All right. I won't complain. I do though fill up at their State line before entering, and try to be on empty when I get back to Alabama's State line.
Saudi Minister of State for Foreign Affairs Adel al-Jubeir talks to CNN's Becky Anderson about OPEC+ production cuts and responds to criticism of the move from US leaders.
October 12, 2022. 11 minutes for the entire segment.
Regular between here (central) and the coast of Georgia is $3.10-ish to $2.99 with incentives (club type subscriptions or cash only).
OPEC is going to screw the West, total failure in resolving the Ukraine crisis and America not spinning up production which could help the world. We're going to buy oil from horrible governments instead.
The diesel reserve window is contracting during high demand transportation season and gas prices - as predicted - are set to start rising again now that mid terms are (sort of) over. I doubt the US will be refilling it's strategic reserve at the price Biden claimed we'd get any time soon.
Here in Georgia it can be as high as $2.99 for regular but I'm seeing average lows around $2.79 unless your a club member.
The gas tax holiday is indeed ending this week so I expect a lot of 'hey what happened to the gas prices?' conversations from people who weren't paying attention.
For 2 weeks (mid to end of February) the gas here was 2.99/3.01 in small town areas to 3.25 per gallon near highways/cities. Starting this Saturday (3/4/2023), 3.30 to 3.45...
