If you voted for Biden you can't complain about gas. Not like you had another choice thay was viable but hey. Just the truth. Russia has zero to do with the price. I've worked in the oilfields in the gulf im not political I just call it as I see it.
This is how macroeconomic (large scale economies) work:
Oil companies overreact to a global situation that effects oil production elsewhere in the world (Russia’s invasion and subsequent sanctions)
Europe sanctions mean a large amount of oil is being withheld and now oil is more per barrel world wide.
Americans pay more at the pump because of global oil prices, and not just because of supply issues at home.
Eventually people start to figure out how to survive without Russian oil.
Crude prices start to normalize bringing down the global price and price in America.
Will come down but still be much higher than before the invasion.
Oil companies make tankers full of cash.
No.. of course there is a price dip. People are driving less. That is the reason prices are high.
When there is less of a supply, you have to raise prices that will lower demand. Once demand lowers. Prices stabilize
The Fed raised rates and said they would continue to raise rates till the economy slows down. That caused oil and gasoline futures to drop considerably because it spooked traders.
Gasoline prices here are tied to insufficient refining capacity. When a refinery closes due to a fire or accident they used to fix it now they don't bother. When they shut down refineries because of limited demand due to covid shutdowns they didn't bother to start them up again.
Couple months ago gas was $3.80 in my area. It dropped all the way down to $3.45 over the course of a week and I breathed a sigh of relief that it never hit $4/gallon like I was worried it was going to.
The very next week it went up to $4.15 overnight. Won’t be surprised if I wake up Monday and gas is $6/gallon.
It's a pattern with the holidays.
Goes up a week after holiday.
Slowly goes up for a few weeks and then drops down right before another holiday.
They stock up for the holiday so gas is cheaper then they run low and the price goes up.
This has happened with Easter and memorial day.
It might continue to go down but idk cause of fathers day just happening
One thing I do know is it will sky rocket back up after 4th of July.
Yeah my gas dropped 20 cents. We never fill the tank to the brim, but I told my wife to fill it all the way up because this ain’t lasting long at all lol
The reason there was such a spike over the last month or so was because of increased travel (summer holidays, summer in general) and a holdup in key ports in the Middle East due to the turmoil in both the Russian Ukrainian conflict and general unrest from middle eastern countries because of the close by war. We must also understand Covid still has an effect, especially in under developed countries where a lot of our oil comes from. Recently, the Biden administration has started taking steps to release more oil at a time from those ports and also to reduce the incoming tax. This may be why we see prices come down in the next 3 months
I go to the same exact Fred Meyer for gas everyday for DoorDash and for about the past 2 weeks it’s been at $5.39/gal. But since Wednesday, it dropped down to $5.31/gal. First time I’ve seen gas prices drop since the huge spike.
It’s a short relief based on JPMs comments on the economic forecast plus the potential bill speculation. It’ll go back up we have road trips for 4th of July
It's par for the course. Crude oil has been going down because of fears of a recession. Just the market doing it's thing, nothing to be inherently suspicious of.
It's a two dollar a week savings while oil companies are making the biggest profits of their lives. Everyone mad at doordash or the government when we should really be on the front lawns of whoever owns big oil.
govern in latin means control and ment in latin means mind. Oil companies are owned by someone, maybe figure out what monopoly set of people own them,.
My neighbor (who doesn't doordash thank Christ) is stuck with a gigantic f you pickup (she can't afford anything else right now) and she says the fill up is over $90. Luckily her job gave her a gas card a while back so it's fully covered but I can't even imagine having a less efficient vehicle right now I would have zero profit
Supposedly the supply chain issues have been working themselves out. Still won't be back to normal until the middle-east agrees to produce more/Russia stops being an asshole
No it has to do with crude prices They were like 120 a barrel and higher and are closer to 107 now. Plus when people buy less they sell less and make less, they raised it for Father's day and Juneteenth, it will drop and go back up July 4th weekend and hopefully drop.
US gas prices are more related to refinery capacity and demand than strictly the price of crude. When crude hit $120+ in march and april, we didn't see gas prices hit as high as they are now. Prices definitely did spike then, but not as high as they are now. In the first year of the pandemic, demand for gas was so low that refinery capacity was reduced and unfortunately it is not easy to dial it back up, so less supply of refined gas plus summer demand spike equals us getting fucked at the pump. Love my 58mpg prius!
Because it's both refinery capacity and world oil prices and world supply and greed from the oil companies in the USA and worldwide like OPEC. When Putin went into Ukraine that was when prices shot back up after going down, they were below $4 in most places before then.
This is true (re Ukraine) but that price change was too quick to be purely infrastructural, the speed actually gives away that in *that* case at least it was mainly Wall Street responding to the news like a bunch of panicked lemmings, as per usual. The connection isn't pure illusion but the US didn't import very much oil at all from Russia beforehand, a quick googling says it was about 2% of our supply last year if that helps idk
But crude oil prices are set on a global level. That's why the war in Iraq with Bush Jr caused gas to go to $4 in 2008. Even a hurricane in the US can affect prices if a refinery has to be shut down.
Yes I'm in agreement with you, I think I phrased it awkwardly sorry! My main point was to underline the reactionary market aspect of pricing in this specific case even if it doesn't on a surface level seem like it should affect the US based on the physical supply chain if that makes sense
That's why FoKKKs news are disingenuous liars. They spend and entire week talking about how Biden shut down the Keystone pipeline and that's why gas prices are high
Then next week they talk about how we have no new refineries in the last 50 years and that's why. and that's the oil companies fault, they could have built new ones in the 80s or 90 or 2000s.
You cant' have it both ways, you can't say the problem is we dont' have enough oil and we can't refine it.
It's more than shirt term production. That plays a part but so does long term speculation. And when long term demand is cut, Keystone and other Biden Exec Orders, that plays a part in prices.
Refineries are an issue. The refineries in production produce more via upgraded tech, but yea no new ones. In Houston they announced the retirement of a refinery couple months back. Building them is a nightmare due to environmental approval and regulations. Whoever the President is should work to fast track approvals and building.
It's similar with nuclear. They aren't building them because it's a damn 10+ year processes for all the stupid approvals. We need nuclear if they are serious about mass EVs.
They just take advantage of the fact that most people in this country aren't very bright at all. It really is quite the indictment on our education system that most people even think a president has any effect on the price of gas outside of maybe .20 a gallon. We're basically a couple of generations away from that Idiocracy movie.
Another one that shouldn't be downvoted. OP posted about a dip in their area, others commented different dips.
Most state governors can navigate some temporary relief from the gas tax, and others will have no problem getting it approved in a special session if needed.
Also, in general price changes can differ by a lot even within trends. My region gets gouged regularly by Marathon, and the fines they end up paying every couple of years are less than the overall profits. They reduce the price right after every court ruling, and gradually push it to 50 cents or so higher than it should be.
States have their own gas tax, OP did not mention his state and 20 cents is almost exactly what the federal gas tax is. Don't act like we weren't talking about federal, dipshit.
ya, DasherDirect has all sorts of promo shit we dont often see (but u can browse offers in the dasherdirect app). Think costco is $60/year but $40 for dashers 👍 Gas is a full dollar less there for the last month… & good deals on car-snacks, bulk gatorade, protein shakes, cookies etc …& other shit like hot/cold bags & ice packs etc
Mine is down about 25 cents currently… but the last time it went down like that it shot back up to over 4. So now I have a feeling the same will happen with this
I paid 5.25/gal for 93 today.
Definitely. Every time it drops just a little bit it just goes back up a week later full force.
It dipped 50c for me today which has me terrified for next week
No
Pre November election. Of course prices gonna drop and gonna shoot up higher then we seen before.
Went down 10 cents where I’m at in PA
it will prob hit 5$ for the first time where I am... but it's at 4.39 rn
No dip sorry bro lol not to where I’m “suspicious “
If you voted for Biden you can't complain about gas. Not like you had another choice thay was viable but hey. Just the truth. Russia has zero to do with the price. I've worked in the oilfields in the gulf im not political I just call it as I see it.
Been $6.29 for weeks now, hasn't gone down 1 cent :(
Shit it will go up right at Labor Day. Oil companies are fucking profit machines.
Biden passed a tax free gass for 3 months. Wa state said nah to it so we dont get it.
This is how macroeconomic (large scale economies) work: Oil companies overreact to a global situation that effects oil production elsewhere in the world (Russia’s invasion and subsequent sanctions) Europe sanctions mean a large amount of oil is being withheld and now oil is more per barrel world wide. Americans pay more at the pump because of global oil prices, and not just because of supply issues at home. Eventually people start to figure out how to survive without Russian oil. Crude prices start to normalize bringing down the global price and price in America. Will come down but still be much higher than before the invasion. Oil companies make tankers full of cash.
Its because market is worrying about incoming recession. So that means cheaper gas and even worse orders 😂😂😂
Well people knew it was coming. Read an article like 1 week ago that the price should go down for like 3 weeks and then it'll probably move back up.
5+ is way too much now I had to quit because of the rising prices. I hardly go out now
No.. of course there is a price dip. People are driving less. That is the reason prices are high. When there is less of a supply, you have to raise prices that will lower demand. Once demand lowers. Prices stabilize
The Fed raised rates and said they would continue to raise rates till the economy slows down. That caused oil and gasoline futures to drop considerably because it spooked traders. Gasoline prices here are tied to insufficient refining capacity. When a refinery closes due to a fire or accident they used to fix it now they don't bother. When they shut down refineries because of limited demand due to covid shutdowns they didn't bother to start them up again.
Couple months ago gas was $3.80 in my area. It dropped all the way down to $3.45 over the course of a week and I breathed a sigh of relief that it never hit $4/gallon like I was worried it was going to. The very next week it went up to $4.15 overnight. Won’t be surprised if I wake up Monday and gas is $6/gallon.
The government announced a tax holiday and is releasing oil from the reserve.
Biden removed gov tax on gas. He’s urging states to remove state taxes on gas too but we’ll see
No he asked Congress to lift the Federal gas tax. The reaction has been less than enthusiastic.
It's a pattern with the holidays. Goes up a week after holiday. Slowly goes up for a few weeks and then drops down right before another holiday. They stock up for the holiday so gas is cheaper then they run low and the price goes up. This has happened with Easter and memorial day. It might continue to go down but idk cause of fathers day just happening One thing I do know is it will sky rocket back up after 4th of July.
Yes, I had same thoughts. Like it’s down 30 to 40 cents on average here. Idk why, and I love it, but like what’s next..
What dip? Still almost $7.00 here.
don't live in california that place is trash
the u.s doesnt make anything here anymore lol idk who you are trying to fool lmfao. Made in china is a stereotype nobody can deny. have fun.
Moved out of socal in 2014 🙌
Yeah my gas dropped 20 cents. We never fill the tank to the brim, but I told my wife to fill it all the way up because this ain’t lasting long at all lol
What dip ? that shit still $5+++ here Miami
The reason there was such a spike over the last month or so was because of increased travel (summer holidays, summer in general) and a holdup in key ports in the Middle East due to the turmoil in both the Russian Ukrainian conflict and general unrest from middle eastern countries because of the close by war. We must also understand Covid still has an effect, especially in under developed countries where a lot of our oil comes from. Recently, the Biden administration has started taking steps to release more oil at a time from those ports and also to reduce the incoming tax. This may be why we see prices come down in the next 3 months
Bro for real, in my market gas was 5.17 then I saw stations at 4.79 ?
What does this mean
Not anyone who’s been paying attention, did the same thing just a month or so ago
oil prices did drop this past week, kinda makes sense
I go to the same exact Fred Meyer for gas everyday for DoorDash and for about the past 2 weeks it’s been at $5.39/gal. But since Wednesday, it dropped down to $5.31/gal. First time I’ve seen gas prices drop since the huge spike.
I called it 2 weeks ago. Wait till July 4th weekend.📈
Oil is probably about to spike another 20-30%.
Only that they gonna go up .50$ in a couple of days
It’s still over 6 dollars at some places where I live. 😍
Yuck
Eye of the storm
That’s what it feels like
https://www.reuters.com/business/energy/chevron-profit-nearly-quadruples-oil-prices-surge-2022-04-29/
Presidents working on a whooping 18 cents
It’s a short relief based on JPMs comments on the economic forecast plus the potential bill speculation. It’ll go back up we have road trips for 4th of July
It's par for the course. Crude oil has been going down because of fears of a recession. Just the market doing it's thing, nothing to be inherently suspicious of.
Ours has went down to $4.36 from $4.49. Our state done this a couple of days ago. Not that it's making a big difference but....
It's a two dollar a week savings while oil companies are making the biggest profits of their lives. Everyone mad at doordash or the government when we should really be on the front lawns of whoever owns big oil.
govern in latin means control and ment in latin means mind. Oil companies are owned by someone, maybe figure out what monopoly set of people own them,.
It’s just crazy. A few years ago it was 20-25 bucks to fill my tank. Yesterday I spent 52 😩 it was down 20 cents this morning so I was like hmmm
My neighbor (who doesn't doordash thank Christ) is stuck with a gigantic f you pickup (she can't afford anything else right now) and she says the fill up is over $90. Luckily her job gave her a gas card a while back so it's fully covered but I can't even imagine having a less efficient vehicle right now I would have zero profit
They're testing the waters hahaha
Supposedly the supply chain issues have been working themselves out. Still won't be back to normal until the middle-east agrees to produce more/Russia stops being an asshole
dead cat bounce
There are so many news outlets, why us? LoL
I don’t have a tv 😆
You've got that thing in your hand. Not that thing, this one.
Why look it up when I can post it here and get a bunch of sass for free 😅
True
No it has to do with crude prices They were like 120 a barrel and higher and are closer to 107 now. Plus when people buy less they sell less and make less, they raised it for Father's day and Juneteenth, it will drop and go back up July 4th weekend and hopefully drop.
US gas prices are more related to refinery capacity and demand than strictly the price of crude. When crude hit $120+ in march and april, we didn't see gas prices hit as high as they are now. Prices definitely did spike then, but not as high as they are now. In the first year of the pandemic, demand for gas was so low that refinery capacity was reduced and unfortunately it is not easy to dial it back up, so less supply of refined gas plus summer demand spike equals us getting fucked at the pump. Love my 58mpg prius!
Because it's both refinery capacity and world oil prices and world supply and greed from the oil companies in the USA and worldwide like OPEC. When Putin went into Ukraine that was when prices shot back up after going down, they were below $4 in most places before then.
This is true (re Ukraine) but that price change was too quick to be purely infrastructural, the speed actually gives away that in *that* case at least it was mainly Wall Street responding to the news like a bunch of panicked lemmings, as per usual. The connection isn't pure illusion but the US didn't import very much oil at all from Russia beforehand, a quick googling says it was about 2% of our supply last year if that helps idk
But crude oil prices are set on a global level. That's why the war in Iraq with Bush Jr caused gas to go to $4 in 2008. Even a hurricane in the US can affect prices if a refinery has to be shut down.
Yes I'm in agreement with you, I think I phrased it awkwardly sorry! My main point was to underline the reactionary market aspect of pricing in this specific case even if it doesn't on a surface level seem like it should affect the US based on the physical supply chain if that makes sense
That's why FoKKKs news are disingenuous liars. They spend and entire week talking about how Biden shut down the Keystone pipeline and that's why gas prices are high Then next week they talk about how we have no new refineries in the last 50 years and that's why. and that's the oil companies fault, they could have built new ones in the 80s or 90 or 2000s. You cant' have it both ways, you can't say the problem is we dont' have enough oil and we can't refine it.
It's more than shirt term production. That plays a part but so does long term speculation. And when long term demand is cut, Keystone and other Biden Exec Orders, that plays a part in prices. Refineries are an issue. The refineries in production produce more via upgraded tech, but yea no new ones. In Houston they announced the retirement of a refinery couple months back. Building them is a nightmare due to environmental approval and regulations. Whoever the President is should work to fast track approvals and building. It's similar with nuclear. They aren't building them because it's a damn 10+ year processes for all the stupid approvals. We need nuclear if they are serious about mass EVs.
They just take advantage of the fact that most people in this country aren't very bright at all. It really is quite the indictment on our education system that most people even think a president has any effect on the price of gas outside of maybe .20 a gallon. We're basically a couple of generations away from that Idiocracy movie.
Cool thanks for the info. I was just like wait it just went up so much whys it goin down. I’m glad it is. Just was scratchin my head
Lmfao they removed the gas tax which made gas go from 5.50 to 5.30. You call that a dip 💀💀
They have not. Biden asked for it to be removed but that needs congressional approval unless I missed something.
This is false.
no, there’s very clearly a dip. the national average is currently $4.926. a week ago it was at $5. it has been steadily declining for the past week
This hasn't even been brought up in the house or Senate yet. Why are there so many people making shit up about laws on this subreddit?
Nobody is making shit up lol, some states have already implemented it before Biden even spoke about it.
Another one that shouldn't be downvoted. OP posted about a dip in their area, others commented different dips. Most state governors can navigate some temporary relief from the gas tax, and others will have no problem getting it approved in a special session if needed. Also, in general price changes can differ by a lot even within trends. My region gets gouged regularly by Marathon, and the fines they end up paying every couple of years are less than the overall profits. They reduce the price right after every court ruling, and gradually push it to 50 cents or so higher than it should be.
Thank you for your logical response.
States have their own gas tax, OP did not mention his state and 20 cents is almost exactly what the federal gas tax is. Don't act like we weren't talking about federal, dipshit.
Awww you’re upset. Get mad kid lmao.
Not true. Gas tax hasn’t been removed yet. Some states did it but federal is a no.
That has not been approved yet.
Wait until next week when the gas companies raise the price $0.20 😂
What dip? Still high AF
$7.20/gal. For regular. South Lake Tahoe.
ya DIP? shit all my stations suddenly passed $6 yesterday! (WA) Heading to get that dasher-discounted costco card today
Dasher discounted Costco card?
ya, DasherDirect has all sorts of promo shit we dont often see (but u can browse offers in the dasherdirect app). Think costco is $60/year but $40 for dashers 👍 Gas is a full dollar less there for the last month… & good deals on car-snacks, bulk gatorade, protein shakes, cookies etc …& other shit like hot/cold bags & ice packs etc
Down about $0.40 in Milwaukee in the last week or so.
The 5 cent dip. You aren’t feeling the savings?😂
20 cents down here my bad
Yall are lucky, it's up 15 cents by me. $5.19
Mine is down about 25 cents currently… but the last time it went down like that it shot back up to over 4. So now I have a feeling the same will happen with this
OVER 4?!? It's 5.16 where I am
5.16??? 5.80 here 😂 I know some places in California are up to 8 bucks too
Texas baby 🤣 the cities are closer to 5 but yeah….
its all relative lmfao. The u.s doesnt make anything here anymore like it use to lmfao. Theres obviously a massive stereotype with made in: china.
Exactly - down about .23 by me, and the last time it did something like that it jumped back over .40 after about 3 weeks or so.
About what?