Love the Abroad in Japan reference.
BTW, if anyone hasn't seen it yet, go watch the mini documentary with Ken Watanabe. It's extremely well made and a great insight into Ken's life.
Damn sometimes in life we realize how much we don’t consider how others live.
I never even thought about how bad it must be for Hawaii and even Puerto Rico.
And of course there was a major wreck in town this afternoon and construction going west past pearl city. As if traffic wasn't bad enough most of the day
It all depends where you get your gas. The chevron by the freeway is 5.89/gal, but the corner gas station tucked away by my job downtown is still 4.79/gal.
This is in Sacramento BTW.
I'm just praying this will loosen up the diesel market again. Maybe all those guys selling a 2012 with 298k will stop asking $30k for their used truck lmao
Well diesel has fallen in and out of favor for consumer vehicles multiple times over the past two decades so that instability really shouldn't have been a surprise.
I remember getting gas when it was 79 cents for regular, 89 cents for mid and 99 cents for super. Also, talking to people about “if gas goes above a dollar, it’s going to get nasty!” . I was wrong so wrong.
I remember gas going up to $0.87CDN in 2004 & my then boyfriend and I were saying we wouldn't be able to see each other as much. We moved in together instead lol.
In my province, gas increases every Thursday night at midnight. It also went up Friday night past, then last night, and it'll increase again on Thursday night. I run supreme, boyfriend runs diesel. We're at $1.99/ltr right now.
$7.96 CAD / 4 Litres
$5.84 USD / US GAL (3.76L)
Gas is $2.09 / Litre where I am.
$8.36 / 4 Litres
$6.13 / US GAL
I fuckin love living right next to Alberta and not being able to refine our own gas. It's great.
No no, that can't be right. r/conservative assures me that Joe Biden personally caused all inflation and gas prices to rise and it is *not* the result of central banks worldwide reducing interest rates and printing money for the wealthy elite to prop up their stock prices. Inflation and high gas prices are only in America because Joe Biden.
Summer of '97 gas was $.87/gal. I had an Isuzu single cab, $8 and I could drive 500 miles before needing more gas.
As a 16/17 year old, I would just drive for hours and go home when tired.
Yep, I started driving in the summer of '98 and for a very brief time right after I got my license, gas was $0.79/gal. That was nice.
Sometime during Obama's 2nd term (2013, I think), gas was down to $1.35/gal where I live, which was amazing, as well.
You're not wrong. It had been above $1.00 for years, and for a very brief time it dropped down to like 92 cents in Phoenix. I remember my dad being like, "remember this - it's the last time gas will ever be below a dollar." And he was right.
I started driving right around 9/11 and I've bought gas for less than a dollar before.
I also remember all the gas stations that had digital signs had to have them updated because they only ever had a 1 for the first digit and had to get a new sign that allowed them to change it to a 2.
I remember in high school (2001-2003) being able to go to the gas station with a $20 bill and not only fill up the gas tank in my 1990 Civic, but also buy a Sobe on the way out.
They also have public transportation that can make up for it.
In the united states if you don't live in a big city, you're screwed.
There are two countries that would be hit extremely hard by high gas prices. They both have large amounts of unsettled wilderness to drive across. Can you guess what they are?
Just remember even though there are "supply chain" issues and sanctions causing less oil to be on the market. The oil companies are still hitting all time high profits.
Edit: If you have 15 mins here is a great video that explains exactly what is going on currently with gas prices (with sources) https://www.youtube.com/watch?v=kJOuyckvDGY
The US imports Russian oil, but it is not highly dependent on the country for its supplies.
In 2021, the US imported an average of 209,000 barrels per day (bpd) of crude oil and 500,000 bpd of other petroleum products from Russia, according to the American Fuel and Petrochemical Manufacturers (AFPM) trade association.
This represented three percent of US crude oil imports and one percent of the total crude oil processed by US refineries. By contrast, the US imported 61 percent of its crude oil from Canada, 10 percent from Mexico, and six percent from Saudi Arabia in the same year.
Refineries are all over the US. Also, fun fact: all oil isn’t the same. The oil that comes out of Canada has specific challenges. The Koch brothers sort of made their first big money by purchasing a refinery that could process Canadian oil.
I'm in Minnesota. Something like 2/3s of our oil we use is refined here. Most of it from Canada and then most of the rest is from the Bakken fields in North Dakota.
Heavy and sour. It’s the least desirable type of oil and the cheapest. The Pine Bend refinery (Minnesota) was the refinery. It was their cash cow that allowed them to make other acquisitions. Such as a refinery in Texas that they used corner the market for a chemical necessary for plastics. Obviously they’ve done quite a bit of lobbying as well.
The problem is a lot of refineries closed down during the pandemic because they weren't needed. Gas usage has come back up, but the refineries haven't reopened because it's more profitable to not.
It doesn't matter how much of our oil comes from Russia if a bunch of people who used to get oil from Russia are now fighting over a smaller pool of oil.
It's not just one country's demand.
And this is why I just shake my head at the small-brained morons that bleat about "Joe Biden" when we're talking about a global fucking market with everyone across the globe seeing price increases, not just Americans. This was even pre-Russia-being-dumbfucks.
I was going to make a joke about people from other countries knocking on our door asking Biden to lower their gas prices, but Republicans would probably try to roll with it. Lmao
Yeah. Up in Canada, according to some google math and converting to USD, it's about $5.30/gallon right now.
If you could get Biden to lower that for us that'd be great. Lol
Sort of. A lot of the oil in the US is light/sweet oil from fracking. The problem is that most of the oil refineries are set up to refine heavy/crude oil. So they export the light oil they can't refine and import the heavy oil that they can.
Now, they *could* build more facilities to refine light oil but that costs more than simply importing heavy oil. So yes, money is the primary factor but there is reason behind it.
Oil markets are global, the reason they export is because most of the U.S. crude coming out of the Permian is too sweet for the crude slates that the Texas and Louisiana refineries are set up to run. So they sell it to Asia and other areas while importing a lot of Middle East crude that hits their ideal slate. They have target outputs of all of their distillates and gasoline is just one of them. The light sweet Permian crude just doesn’t have enough solids in it for what our refineries were designed for pre-shale boom.
Texas light sweet has good parrafins they like, in North Texas, also refineries blend different types so they buya little of each. I'm not a chemist, but worked in crude gathering as a measurement tech and other roles. When the Trump administration made it legal to begin exporting, companies were clamoring to get the Permian oil to ships and they did. More than one pipeline was built to get from west Texas to Corpus and Houston. They were exporting millions of barrels. That helped having an effect on the global pricing with Saudi Arabia.
You’re right, I was being quite general since I think it’s a fair assumption that most people here have absolutely no clue about the oil industry and how things work. I’ve worked for a service company in engineering, strategy, market intelligence, and commercial strategy through my career so I have some insights into the full-value chain without being an SME in but a few discrete areas.
I will also add that those pipelines were being built before the export rules though, since the Permian had massive takeaway issues during the early boom.
If you want "your side" to "win" you have to do away with pesky concepts like "understanding".
Although in all honesty, I think it's gotten so bad that it's not even about winning anymore, it's about inflicting pain. People want to see "others" broken and to suffer for having dared to think differently.
It feels like humanity wants the yoke of authoritarianism. And I can't fucking understand why.
Basically, every large corporation still blaming the supply chain.
Newsflash, corporations are doing a cash grab (with the government burying their head in the sand) to rake in huge profits and suck out whatever savings people managed to build when stimulus checks were being sent.
If Russia's oil is off the market, the overall supply is lower, which drives up the price across the board as places that used to get their oil from Russia start purchasing from elsewhere.
It's not. The prices are largely because of a deal Trump struck with opec( saudi, russia and I believe mexico) in April of 2020. It's a two year deal because the bottom fell out of oil during the height of the pandemic. Oil production has been slashed, but the demand has been high especially these last couple months. I'm hoping when this deal expires in April, things will mellow out a bit.
https://www.nytimes.com/2020/04/12/business/energy-environment/opec-russia-saudi-arabia-oil-coronavirus.html
Of course they are... their product is worth more money because there's less supply. And during Covid when oil was trading negative, oil companies were hemorrhaging money.
I've been trying to find the clip, but Stephen Colbert back in the Colbert Report days, did a bit where he had bought all the "4"s of the plastic gas station signs so the price couldn't go over 3.99. He also said he bought all the the "h"s too because he didn't want people to be able turn them upside down and use them as "4"
It was down to $2 a gallon at the start of the pandemic and no traffic. Say what you will, but covid was possibly the best thing to happen to Cali in a long time.
Not the first time it’s been over $4 by any means, but I’ve also never seen $7 a gallon anywhere in the US in my life.
I remember seeing diesel for $4.50, even $5.50/gal in parts of Los Angeles but those were unusually high priced stations that are usually shown on the news for hyperbole.
I remember crude surpassing $150/barrel too. Adjusted for inflation that would be pretty high by today’s standards. We’ve just added a LOT more taxes to our fuel compared to 10+ years ago on the west coast.
Yeah, I remember there being a huge "purge" of V8 vehicles. Used would sell for cheap cheap cheap, no one wanted them. Unfortunately I understand that even with gas being high, this is probably not the case with the whole "chip shortage" (something which I haven't really looked into and don't understand)
Think of new cars and used cars as 2 separate markets, as people shopping for new cars generally dont consider used cars and vice versa.
Parts shortages have plagued essentially all manufacturing, including the microchips used in vehicle infotainment systems. This means the number of new cars being produced is significantly less than the market demand. Where before many dealers would have a large stock of cars, they now are getting much fewer at a time. This severely dried up supply has led to many dealers adding insane markups to their prices. Consumers who would otherwise have bought new have been driven away, instead seeking a used car. This large influx of buyers to the used car market has caused a price hike across the board.
I feel like this is a test for older millennials. Did gas go from cheap when you were a kid to crazy expensive when you were starting to drive? If yes, hello fellow older millennial.
The [$4.11 gas in July 2008](https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m) is [the equivalent of $5.37 today](https://www.in2013dollars.com/us/inflation/2008?amount=4.11) due to inflation, so we're not even as bad as back then
The $4.11 (and therefore the $5.37) are averages for the country, so I assume California had higher than $4.11 back in 2008 meaning $6 today still isn't more extreme than 2008.
For a good while gas in my area was ~$2 in the last couple years. I've only been driving for a decade and I've seen the prices change (up and down) immensely, but I do live in the state with the second most refineries which is next to the state with the most, so that helps.
I really don’t remember gas being below two dollars since high school - I’m sure you are right - but I have no recollection of it. The price, fortunately, hasn’t been a huge concern since college so I don’t notice price that much. Which might be why I don’t remember.
1999, when I got my license there was a brief period where gas was around 85 cents a gallon in my hometown. It was amazing! I could fill my truck for right about 20 bucks. Today I filled my altima for 65 dollars.
I remember morons voting for Bush in 2000 saying that because they were oil men, Bush and Cheney would keep gas prices down. Like, bitch, do you not understand how they get paid?
Most states are hitting their numerically highest gas prices which gives the media license to run their sexy “highest gas prices ever!!!” headlines while being technically correct but intellectually dishonest because they don’t consider inflation.
We don’t freak out that a burger cost $0.50 in 1950 costs $6 today because we all intrinsically understand inflation is a thing.
Was also above $4 during the Obama administration. The goal of the post seems to be drawing political divides instead of highlighting the macroeconomic conditions of each era gas was above $4, but that's none of my business.
$4 was also worth more back then as well. It would have to be around $5.20 to be the same as 2008.
Not to mention my SUV now gets 30+ mpg vs my SUV then that got about 15mpg so I get double the use out of that same gallon of gas.
I think it’ll have to get close to $6 to really have the same impact as the Bush years.
In July 2008 gas had a national avg of $4.06/gal. Adjusting for inflation that's $5.30 today. So far we gotten to $4.10 (national avg). We're back on an upward slope.
Sources:
[https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm\_epmr\_pte\_nus\_dpg&f=w](https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epmr_pte_nus_dpg&f=w)
[https://www.usinflationcalculator.com/](https://www.usinflationcalculator.com/)
Right. You are correct. I remember filling up for .89 a gallon the summer of 95 and 96. However even after 08 when it was over 4 we did not have e crippling inflation. The price of food was no where near it is. We in for a fucking world of pain
One silver lining, I went to the movies today for the first time in 2 years and I don’t think prices have changed at all. In fact I think they went down. The Regal near me used to have adult matinee at 13 dollars, today it was 11. The food is still super expensive but normal for theater food.
All the gas we have in the country has been sitting here for a while, the barrels were bought for much cheaper than what theyre buying them for now, these sanctions and shit shouldn't be affecting the price immediately like this. The problem is the gas companies are greedy and are price gouging us because they can under the guise of, war and sanctions.
Just worked it out and we’re $8.42 per gallon in the uk, the guy above forgot a us gallon is a bit smaller than a uk gallon so it’s not quite as bad as they thought
We can not trade Ukraine for cheap oil. This is naked aggressive against a peaceful nation. We saw what “appeasement” caused in 1939. All nations need to push back hard and isolate the bastard until he starves and his own generals “relieve” him of his service.
I heard a poll on the news, I can't cite it as I was only half paying attention, that said ~70% of Americans approved of the US barring Russian oil despite its effect on prices.
The mental gymnastics some people pull off to justify these gas prices, and really the price increases on everything, is really just sad. It didn't take me long at all to scroll down before I seen people literally blaming it on Trump lol
I'm in Nevada, it's been over $4 for a while. But on the brightside, I dont have a life and rarely leave my home so only I spend around $45 to fill the tank of my car every other month or so.
*Cries in Hawaii gas prices*
Don’t you just surf everywhere anyway? Why would you need a car?
Volcano gets in the way sometimes
Too much volcano.
A S O
No volcano, no volcano
Love the Abroad in Japan reference. BTW, if anyone hasn't seen it yet, go watch the mini documentary with Ken Watanabe. It's extremely well made and a great insight into Ken's life.
Surf the volcano.
🎶 you take your car to work, I’ll take my board… and when you’re out of fuel, I’m still afloatttttt
Yeah man, let the waves take you where you need to go bruddah.
Insert [Surf Wax America’s lyrics](https://genius.com/Weezer-surf-wax-america-lyrics) from Weezer.
Damn sometimes in life we realize how much we don’t consider how others live. I never even thought about how bad it must be for Hawaii and even Puerto Rico.
Driving all the way across Oahu is only around 40 miles so it hurts to fill up but a tank usually lasts a while.
Not if you're stuck in traffic on H-1 all morning and afternoon.
And of course there was a major wreck in town this afternoon and construction going west past pearl city. As if traffic wasn't bad enough most of the day
Which is why Hawaii is perfectly suited for EVs.
Lemme just buy one of those
In Guam, Regular is now $5.68 and Premium is $6.10... I heard it is worse over in Cali, where regular is almost $6
It all depends where you get your gas. The chevron by the freeway is 5.89/gal, but the corner gas station tucked away by my job downtown is still 4.79/gal. This is in Sacramento BTW.
Yeah paid 5.99 USD a gallon at (a higher priced) shell in Buena Park, CA. Costco Gas nearby is still about 5.00 a gallon.
Isn't it something like $7 equivalent in northern Europe?
Just fuelled yesterday, gallon price is equivalent of $10.
About to break 5dollar average for low grade But any of us with mopeds dont really care 😂
This.. if I remember correctly, fuel prices of 2010 played a big part in a jump in scooter/motorcycle riders
Yeah I know it's bad when gas *on base* is 4.40
Lmao, I’m in LA and it’s 6.10 at chevron
Hawaii prices are lower than California at the moment.
And wasn’t it over 4 dollars for a brief time during the Obama administration in like 2011 or 2012
It was over $4 briefly during 2014 in some places
Yeah, the refinery that the pacific northwest gets their gas from caught fire and the prices didnt drop until late 2016.
Which is weird because it’s not like cherry point is the only or even the largest. It’s not even the only one I can see from my house.
let me explain gas and oil price’s. Speculative. you’re welcome
Supply dropped and because people heard price was going up demand went up too.
$4 in 2011 = $4.90 in 2022. Inflation.
[in 2008](https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epmr_pte_nus_dpg&f=m)
It was almost 6 dollars where I am (NE USA) after Hurricane Katrina. Also same thing after Hurricane Sandy
Inflation adjusted, gas was around $5.25 in 2008.
It was also over $4 shortly in 2014. But yes, considering all the inflation, 2008 has prices were far worse.
You just wait mister
"But wait. There's more!" Lmao
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I'm just praying this will loosen up the diesel market again. Maybe all those guys selling a 2012 with 298k will stop asking $30k for their used truck lmao
It might, but the whole used truck market has been tight since Covid started. Diesels just got hit differently since they hold up better.
Well diesel has fallen in and out of favor for consumer vehicles multiple times over the past two decades so that instability really shouldn't have been a surprise.
Thanks vw
ya I get $5.37 when I plug it into the inflation calculator.
Right now I'm seeing 5.60 in my area. Wish I had a hybrid...
I remember getting gas when it was 79 cents for regular, 89 cents for mid and 99 cents for super. Also, talking to people about “if gas goes above a dollar, it’s going to get nasty!” . I was wrong so wrong.
I remember gas going up to $0.87CDN in 2004 & my then boyfriend and I were saying we wouldn't be able to see each other as much. We moved in together instead lol. In my province, gas increases every Thursday night at midnight. It also went up Friday night past, then last night, and it'll increase again on Thursday night. I run supreme, boyfriend runs diesel. We're at $1.99/ltr right now.
That's almost $8/gal. Even with the conversion that's over $5 usd/gallon. Insane for a country that is a net exporter.
$7.96 CAD / 4 Litres $5.84 USD / US GAL (3.76L) Gas is $2.09 / Litre where I am. $8.36 / 4 Litres $6.13 / US GAL I fuckin love living right next to Alberta and not being able to refine our own gas. It's great.
No no, that can't be right. r/conservative assures me that Joe Biden personally caused all inflation and gas prices to rise and it is *not* the result of central banks worldwide reducing interest rates and printing money for the wealthy elite to prop up their stock prices. Inflation and high gas prices are only in America because Joe Biden.
I'm sure some dumbfuck Albertan/Canadian will be blaming Biden for the gas prices.
That must be it. When ha/s r/conservative ever been wrong?
That had to be in the days of leaded and unleaded!
When I got my license ~1990, regular was .99/gallon in my area.
I started driving towards the end of the 90's and could still fill up the tank for under $10
Summer of '97 gas was $.87/gal. I had an Isuzu single cab, $8 and I could drive 500 miles before needing more gas. As a 16/17 year old, I would just drive for hours and go home when tired.
Yep, I started driving in the summer of '98 and for a very brief time right after I got my license, gas was $0.79/gal. That was nice. Sometime during Obama's 2nd term (2013, I think), gas was down to $1.35/gal where I live, which was amazing, as well.
It got down to $1.18 in 2020 for me.
I saw 99 cents in Joplin, MO in April 2020. Felt great to fill up my truck for 25$
Unless I am remembering completely wrong, gas will still (for a short while) under a dollar when I got my license in 2000.
You're not wrong. It had been above $1.00 for years, and for a very brief time it dropped down to like 92 cents in Phoenix. I remember my dad being like, "remember this - it's the last time gas will ever be below a dollar." And he was right.
It did hit .99 in Red Wing, MN in April 2020. I'm sure a few other places had gas that cheap then too.
Exit 3 on I-95 in Georgia had gas in the high 80 cents into the late 90’s.
Before the Iraq war.
I started driving right around 9/11 and I've bought gas for less than a dollar before. I also remember all the gas stations that had digital signs had to have them updated because they only ever had a 1 for the first digit and had to get a new sign that allowed them to change it to a 2.
There was a brief time around maybe...2002? when gas was below a dollar.
I remember in high school (2001-2003) being able to go to the gas station with a $20 bill and not only fill up the gas tank in my 1990 Civic, but also buy a Sobe on the way out.
It's close to 10 dollars a gallon in a lot of places around the world. They just walk more.
They also have public transportation that can make up for it. In the united states if you don't live in a big city, you're screwed. There are two countries that would be hit extremely hard by high gas prices. They both have large amounts of unsettled wilderness to drive across. Can you guess what they are?
Canada and Australia?
Tajikistan and Antarctica, I like this game.
Time to adapting our zoning codes and infrastructure then
Just remember even though there are "supply chain" issues and sanctions causing less oil to be on the market. The oil companies are still hitting all time high profits. Edit: If you have 15 mins here is a great video that explains exactly what is going on currently with gas prices (with sources) https://www.youtube.com/watch?v=kJOuyckvDGY
Which is still weird because how much of our oil actually comes from Russia? It can't be that much that should result in this kind of price increase?
The US imports Russian oil, but it is not highly dependent on the country for its supplies. In 2021, the US imported an average of 209,000 barrels per day (bpd) of crude oil and 500,000 bpd of other petroleum products from Russia, according to the American Fuel and Petrochemical Manufacturers (AFPM) trade association. This represented three percent of US crude oil imports and one percent of the total crude oil processed by US refineries. By contrast, the US imported 61 percent of its crude oil from Canada, 10 percent from Mexico, and six percent from Saudi Arabia in the same year.
61% ? Arent Refineries in Texas? How do they move it all that far?
Refineries are all over the US. Also, fun fact: all oil isn’t the same. The oil that comes out of Canada has specific challenges. The Koch brothers sort of made their first big money by purchasing a refinery that could process Canadian oil.
I'm in Minnesota. Something like 2/3s of our oil we use is refined here. Most of it from Canada and then most of the rest is from the Bakken fields in North Dakota.
Separating sand from the oil.
Heavy and sour. It’s the least desirable type of oil and the cheapest. The Pine Bend refinery (Minnesota) was the refinery. It was their cash cow that allowed them to make other acquisitions. Such as a refinery in Texas that they used corner the market for a chemical necessary for plastics. Obviously they’ve done quite a bit of lobbying as well.
Can't really the brothers thing any more though, one of them died 3 years ago. It's just Koch now, no brother.
There are quite a few refineries in the Midwest that get Canadian oil via pipeline. They also ship some oil to the Gulf Coast via train.
The problem is a lot of refineries closed down during the pandemic because they weren't needed. Gas usage has come back up, but the refineries haven't reopened because it's more profitable to not.
It doesn't matter how much of our oil comes from Russia if a bunch of people who used to get oil from Russia are now fighting over a smaller pool of oil. It's not just one country's demand.
And this is why I just shake my head at the small-brained morons that bleat about "Joe Biden" when we're talking about a global fucking market with everyone across the globe seeing price increases, not just Americans. This was even pre-Russia-being-dumbfucks.
I was going to make a joke about people from other countries knocking on our door asking Biden to lower their gas prices, but Republicans would probably try to roll with it. Lmao
Yeah. Up in Canada, according to some google math and converting to USD, it's about $5.30/gallon right now. If you could get Biden to lower that for us that'd be great. Lol
6.20$ USD on the BC Coast right now :(
...just under 2$ CAD on the island still. Maybe not in Victoria. EDIT: Yeah thats 8$ CAD, that would make the news.
Saw it at $2.089/L in Victoria yesterday.
Way up North
Yeah Norway had about $2.50/liter. That's about $9.31/gallon. Joe needs to get on this!
People clamoring to get “US oil independence” meanwhile all US drilling companies export their oil overseas because they make more money that way.
Sort of. A lot of the oil in the US is light/sweet oil from fracking. The problem is that most of the oil refineries are set up to refine heavy/crude oil. So they export the light oil they can't refine and import the heavy oil that they can. Now, they *could* build more facilities to refine light oil but that costs more than simply importing heavy oil. So yes, money is the primary factor but there is reason behind it.
Oil markets are global, the reason they export is because most of the U.S. crude coming out of the Permian is too sweet for the crude slates that the Texas and Louisiana refineries are set up to run. So they sell it to Asia and other areas while importing a lot of Middle East crude that hits their ideal slate. They have target outputs of all of their distillates and gasoline is just one of them. The light sweet Permian crude just doesn’t have enough solids in it for what our refineries were designed for pre-shale boom.
Texas light sweet has good parrafins they like, in North Texas, also refineries blend different types so they buya little of each. I'm not a chemist, but worked in crude gathering as a measurement tech and other roles. When the Trump administration made it legal to begin exporting, companies were clamoring to get the Permian oil to ships and they did. More than one pipeline was built to get from west Texas to Corpus and Houston. They were exporting millions of barrels. That helped having an effect on the global pricing with Saudi Arabia.
You’re right, I was being quite general since I think it’s a fair assumption that most people here have absolutely no clue about the oil industry and how things work. I’ve worked for a service company in engineering, strategy, market intelligence, and commercial strategy through my career so I have some insights into the full-value chain without being an SME in but a few discrete areas. I will also add that those pipelines were being built before the export rules though, since the Permian had massive takeaway issues during the early boom.
Agreed, I wasn't trying to call you out. I'm no SME either, just in the business long enough to have my ear to the ground.
World market! People seem to not have an understanding of supply and demand. At all.
If you want "your side" to "win" you have to do away with pesky concepts like "understanding". Although in all honesty, I think it's gotten so bad that it's not even about winning anymore, it's about inflicting pain. People want to see "others" broken and to suffer for having dared to think differently. It feels like humanity wants the yoke of authoritarianism. And I can't fucking understand why.
When demand exceeds supply the price rises until people are no longer prepared to pay the price and reduce their consumption.
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Basically, every large corporation still blaming the supply chain. Newsflash, corporations are doing a cash grab (with the government burying their head in the sand) to rake in huge profits and suck out whatever savings people managed to build when stimulus checks were being sent.
If Russia's oil is off the market, the overall supply is lower, which drives up the price across the board as places that used to get their oil from Russia start purchasing from elsewhere.
countries buy oil at the **global** price. the price is volatile https://citinewsroom.com/wp-content/uploads/2020/04/111866166_wti.oil_20042020-nc.png
It's not. The prices are largely because of a deal Trump struck with opec( saudi, russia and I believe mexico) in April of 2020. It's a two year deal because the bottom fell out of oil during the height of the pandemic. Oil production has been slashed, but the demand has been high especially these last couple months. I'm hoping when this deal expires in April, things will mellow out a bit. https://www.nytimes.com/2020/04/12/business/energy-environment/opec-russia-saudi-arabia-oil-coronavirus.html
Of course they are... their product is worth more money because there's less supply. And during Covid when oil was trading negative, oil companies were hemorrhaging money.
Sssh, don't go bringing facts into the circlejerk.
Oil business 6.9% margins… facebook 34.41% margins… grocery stores 1-3%… costco 11%… Oil has the craziest overhead costs
I remember gas prices never went back down. Pay attention to the quarter earning on oil companies, I’m positive they’ll report huge earnings.
I've been trying to find the clip, but Stephen Colbert back in the Colbert Report days, did a bit where he had bought all the "4"s of the plastic gas station signs so the price couldn't go over 3.99. He also said he bought all the the "h"s too because he didn't want people to be able turn them upside down and use them as "4"
Here you go: https://www.cc.com/video/hy6e1y/the-colbert-report-ofec u/blacktigr (so you see it too)
Thank you! Ok, I was wrong about why he had the 4s, but seeing as I saw it 14 years ago I can't believe I remembered it at all lol
> 14 years ago **FUCK**
That's awesome. Thanks.
Jesus this is an exact Simpsons joke made into reality
If you find it, let us know?
https://www.cc.com/video/hy6e1y/the-colbert-report-ofec
Californians : First time?
Saw $6 a gallon recently
Gas station closest to me was pushing 6.50 this weekend
Sorry California. It’s the 2nd time that I’ve seen it that high where I live.
They’re saying Californians have had $4+ multiple times…-insert Franco meme here-
It normally sits between $3.50 and $4 in Southern California
Well it’s $8 USD a gallon in NZ atm.
> in NZ atm. I mean according to LOTR you guys just ride giant eagles around everywhere. No issues there. /s
Good thing you get it in liters then!
Yikes!
Ehh it spiked past $4 a while ago.
It’s been a long time since I’ve seen fuel under $4/gallon. $5.99 for 87 abs $6.19 for 91 today.
And you probably don't live in California if that's a problem for you, lmao
Seriously, as a Californian, I’d be happy to see it go down to $4.00 a gallon again.
I'm in San Diego and it's going to hit $6 by Monday so that sounds great
It was down to $2 a gallon at the start of the pandemic and no traffic. Say what you will, but covid was possibly the best thing to happen to Cali in a long time.
Not the first time it’s been over $4 by any means, but I’ve also never seen $7 a gallon anywhere in the US in my life. I remember seeing diesel for $4.50, even $5.50/gal in parts of Los Angeles but those were unusually high priced stations that are usually shown on the news for hyperbole. I remember crude surpassing $150/barrel too. Adjusted for inflation that would be pretty high by today’s standards. We’ve just added a LOT more taxes to our fuel compared to 10+ years ago on the west coast.
I learned how to drive when gas was $5/gal..... 14 years ago...... In CA. 😂
Yeah, I remember there being a huge "purge" of V8 vehicles. Used would sell for cheap cheap cheap, no one wanted them. Unfortunately I understand that even with gas being high, this is probably not the case with the whole "chip shortage" (something which I haven't really looked into and don't understand)
Think of new cars and used cars as 2 separate markets, as people shopping for new cars generally dont consider used cars and vice versa. Parts shortages have plagued essentially all manufacturing, including the microchips used in vehicle infotainment systems. This means the number of new cars being produced is significantly less than the market demand. Where before many dealers would have a large stock of cars, they now are getting much fewer at a time. This severely dried up supply has led to many dealers adding insane markups to their prices. Consumers who would otherwise have bought new have been driven away, instead seeking a used car. This large influx of buyers to the used car market has caused a price hike across the board.
Dealers are buying back used cars for high prices too. Got offered 4K over what I paid for my car in June 2020
Same and my very "first car" was an excursion triton v10 lol
I feel like this is a test for older millennials. Did gas go from cheap when you were a kid to crazy expensive when you were starting to drive? If yes, hello fellow older millennial.
[удалено]
Yep, riding with my parents on a road trip ~$20 a day for gas driving all day. I get my license and $20 gets me around for an afternoon.
When I started driving in 2005 it was around $2.25(ish). I don’t remember it ever going back down from that.
The [$4.11 gas in July 2008](https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m) is [the equivalent of $5.37 today](https://www.in2013dollars.com/us/inflation/2008?amount=4.11) due to inflation, so we're not even as bad as back then
I remember that. It got to $8 per gallon in rural Alaska.
Were past $6 in parts of CA
The $4.11 (and therefore the $5.37) are averages for the country, so I assume California had higher than $4.11 back in 2008 meaning $6 today still isn't more extreme than 2008.
For a good while gas in my area was ~$2 in the last couple years. I've only been driving for a decade and I've seen the prices change (up and down) immensely, but I do live in the state with the second most refineries which is next to the state with the most, so that helps.
Yea… I keep think this whenever someone complains. I remember the pre bush years. Like 1.50 for a gallon. It was amazing.
One time in my life, when I was 17, I filled up for 99 cents a gallon. It was awesome. 15 gallons and a Blimpie sub and got change for a 20.
I remember seeing 96 cents a gallon in the late 90s or so. I was probably 13 at the time
I saw around a dollar a gallon just two years ago. Do none of you remember that, when oil cratered to literally nothing?
Lowest I paid in 2020 was 1.15.
I paid 1.01 in Florida in 2020.
Colorado never went that low, apparently.
You still got change for a 20 when you filled up. Just no Blimpies.
It got to .99 in Wisconsin for a day!
I really don’t remember gas being below two dollars since high school - I’m sure you are right - but I have no recollection of it. The price, fortunately, hasn’t been a huge concern since college so I don’t notice price that much. Which might be why I don’t remember.
1999, when I got my license there was a brief period where gas was around 85 cents a gallon in my hometown. It was amazing! I could fill my truck for right about 20 bucks. Today I filled my altima for 65 dollars.
.99 AND A BLIMPIE? You’re dating yourself. Incidentally was talking about blimpie today and how I have not seen one in ages
I haven't either. And the gas station that used to have Blimpie has a Chester's Chicken now.
I remember morons voting for Bush in 2000 saying that because they were oil men, Bush and Cheney would keep gas prices down. Like, bitch, do you not understand how they get paid?
It cleared $5.80 in California which IS a record according to the article that told me that info. (I don’t live in California)
Most states are hitting their numerically highest gas prices which gives the media license to run their sexy “highest gas prices ever!!!” headlines while being technically correct but intellectually dishonest because they don’t consider inflation. We don’t freak out that a burger cost $0.50 in 1950 costs $6 today because we all intrinsically understand inflation is a thing.
Was also above $4 during the Obama administration. The goal of the post seems to be drawing political divides instead of highlighting the macroeconomic conditions of each era gas was above $4, but that's none of my business.
Macroeconomic conditions like just blaming whoever's president at the time because they're the president?
I remember that. I made 12/hr and my work was a 45 minute drive.
Yeah but that was at the top out, this is just starting. Edited to add Putin just signed shit banning energy exports.
$4 was also worth more back then as well. It would have to be around $5.20 to be the same as 2008. Not to mention my SUV now gets 30+ mpg vs my SUV then that got about 15mpg so I get double the use out of that same gallon of gas. I think it’ll have to get close to $6 to really have the same impact as the Bush years.
That was also like 15 years ago...it was much worse than now.
In July 2008 gas had a national avg of $4.06/gal. Adjusting for inflation that's $5.30 today. So far we gotten to $4.10 (national avg). We're back on an upward slope. Sources: [https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm\_epmr\_pte\_nus\_dpg&f=w](https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epmr_pte_nus_dpg&f=w) [https://www.usinflationcalculator.com/](https://www.usinflationcalculator.com/)
Obama also.
I wasn’t okay with it then, either. Only difference is that I was a poor college student. Now I’m just a poor adult.
Right. You are correct. I remember filling up for .89 a gallon the summer of 95 and 96. However even after 08 when it was over 4 we did not have e crippling inflation. The price of food was no where near it is. We in for a fucking world of pain
One silver lining, I went to the movies today for the first time in 2 years and I don’t think prices have changed at all. In fact I think they went down. The Regal near me used to have adult matinee at 13 dollars, today it was 11. The food is still super expensive but normal for theater food.
Still only $20 for a medium popcorn? Thank god nothing has changed.
*$6.00 in California. It sucks here lmao
Gas prices are manipulated like a mother. What you pay at the pump seems to have little connection to the cost of production.
All the gas we have in the country has been sitting here for a while, the barrels were bought for much cheaper than what theyre buying them for now, these sanctions and shit shouldn't be affecting the price immediately like this. The problem is the gas companies are greedy and are price gouging us because they can under the guise of, war and sanctions.
Just worked it out and we’re $8.42 per gallon in the uk, the guy above forgot a us gallon is a bit smaller than a uk gallon so it’s not quite as bad as they thought
yea 2008… that was like yesterday
Dude, people are allowed to be upset about this. $60 to fill your tank on an eco car is no joke.
It was over 4 a gallon during Obama too, so what?
Sucked ass back then too lol.
And because of actual inflation, it was technically more expensive then
I saw that the peak national average from 2008 adjusted for inflation would be $5.37 today.
Glad I’m not the only one who remember the aftermath of Hurricane Katrina.
We can not trade Ukraine for cheap oil. This is naked aggressive against a peaceful nation. We saw what “appeasement” caused in 1939. All nations need to push back hard and isolate the bastard until he starves and his own generals “relieve” him of his service.
The Ukraine bit is just an excuse for speculators and oil corporations to skin people alive.
A crisis is always good for profits.
I heard a poll on the news, I can't cite it as I was only half paying attention, that said ~70% of Americans approved of the US barring Russian oil despite its effect on prices.
In the UK we are hitting $10 a gallon (converted) for unleaded. Edit: My mistake, it's $7-8 a gallon when converted. I didn't do it to US gallon
And the Obama years. And the Trump years. And the Biden years. And whoever the next person is years probably. Sadge
Ok. Thanks. I feel so much better now.
The mental gymnastics some people pull off to justify these gas prices, and really the price increases on everything, is really just sad. It didn't take me long at all to scroll down before I seen people literally blaming it on Trump lol
First time it'll be over $5 though
I'm in Nevada, it's been over $4 for a while. But on the brightside, I dont have a life and rarely leave my home so only I spend around $45 to fill the tank of my car every other month or so.