Can any DNC supporter explain the price of gas to me?

[donttread]

And we are gonna buy dirtier oil from dictators because global warming!

I bought some "dirty" body oil once but I think that was different.

[slideman]

Shut up and buy an EV. But not a Tesla, Musk is now a Nazi.

I bought my EV in 2016. Nissan leaf. Musk is a bozo.

[slideman]

The price of gas is set by speculators who deal in futures. Their perceptions of future supply and demand set the price of oil. In addition the oil companies, whenever they see an opportunity will raise prices. They collude on the price without formally colluding. When prices decrease the decrease in the price of gas lags decreases in the price of oil futures because of the oil companies' cupidity.

https://www.bbc.com/news/business-64583982

[zelmo1234]

The Biden administration has done nothing to materially affect current gas supplies. The bottom line is that current gas prices are largely a consequence of demand outstripping available supply, and the supply problems are due primarily to difficulties in ramping up availability of refined oil products after demand (and subsequence supply) cratered during the height of the pandemic. The single biggest problem is a significant drop in refinery capacity. Demand for oil is greater now than pre-pandemic, but refinery capacity has dropped by over 1 million/barrels per day.

Well You are correct! Accept for all of these, and Refining has Nothing to do with the price of a barrel of oil! Nice Try though Biden and the Democrats want Green energy, just like Obama said to make that happen the price of fossil fuels necessarily had to skyrocket!

A timeline of Biden's actions on oil and gas reveal where his priorities are | Fox Business

[Hoosier8]

I bought my EV in 2016. Nissan leaf. Musk is a bozo.

Musk, a left wing Hero until he supported free speech.

[slideman]

Musk, a left wing Hero until he supported free speech.

I am a centrist and I have always considered him a bozo.
Carry on

[zelmo1234]

I wonder how many more multi Billionaires we can get the left to dislike!

Not that being Jealous has anything to do with it.

Remember Richards stiffy when he thought Musk would go broke with Twitter, now that he is thriving again, we don't here so much

[slideman]

The US produces the most oil but the Saudis are second and they are much more willing than we are to attempt to manipulate the price by regulating what they supply to the world market.

Saudi Arabia Unexpectedly Raises Oil Prices for Next Month

https://www.bloomberg.com/news/artic...uverify%20wall

Signals from the saudis as to what they intend to do as to supply affects the perceptions of the speculators who deal in oil futures which sets the price.

[zelmo1234]

The US produces the most oil but the Saudis are second and they are much more willing than we are to attempt to manipulate the price by regulating what they supply to the world market.
Saudi Arabia Unexpectedly Raises Oil Prices for Next Month
https://www.bloomberg.com/news/artic...e=uverify wall
Signals from the saudis as to what they intend to do as to supply affects the perceptions of the speculators who deal in oil futures which sets the price.

You don't know how oil is priced do you? Saudi can't just say I want more for my oil, it is a traded commodity. The price is set by what people are willing to pay not an asking price.

So the more oil that we provide to the market the more oil supply there is and it makes it harder for the Saudi's to cut production to raise the price.

How the Price of Oil Is Determined - ComposeMD

[RichardMZhlubb]

Accept for all of these, and Refining has Nothing to do with the price of a barrel of oil!

It very much affects the price of gasoline. Significant reductions in US refining capacity have materially limited the supply of refined products, driving the price of gas up, even when the price of oil is dropping. Crack spreads have hit record levels in the last year or two.

From last summer:

Oil prices are falling but refueling your car has never been pricier. Blame the "crack spread," the latest supply-chain hurdle to exacerbate US inflation.
For a few weeks, it looked as though Americans were getting some relief. Crude oil prices eased as countries released millions of barrels from their strategic reserves. Gasoline prices fell in kind, with the average nationwide price per gallon falling to $4.06 in mid-April after hitting a record $4.32 the month prior.
The cooldown was short-lived. Gas prices quickly rebounded through late April and early May. The nationwide average price for a gallon of gas touched an all-time high of $4.40 on Wednesday.
The cause, however, hasn't been a similar rally in crude prices, which are down about 15% since the early-March peak. Instead, oil refiners are now the bottleneck in the energy market, and they're reaping record profits in the meantime.

https://www.businessinsider.com/why-...spreads-2022-5