Crime Gas was 2.73 today

[cincymma79]

Interesting. My town went up. So how do we determine who is more representative?

In my experience it’s whatever fits your narrative in the exact moment you’re posting

 

[cincymma79]

I filled up this week and it was $4.699 a gallon.

California or Hawaii?

AAA Fuel Prices

 

[NickNick]

Premium is $4.25 here, pretty much around the same it's been.

 

[PEB]

I paid 2.48 when Biden was President.

 

[HomeCheese]

California or Hawaii?

AAA Fuel Prices

Hawaii.

 

[Romulas]

It probably helps

It’s amazing that no matter what the price of gas is, the oil companies make record profits every year. They could lower the price of gas but choose not to and dance on a razor blade on how much the consumers will pay before they change their behaviors.

Just so you understand, the price of oil and gas in the United States is dictated by global markets, and has very little to do with the administration (at least it terms of spot pricing). When you see regional variation in gas prices, it is largely due to infrastructural factors (i.e. refinery maintenance), not political.

Trying to claim these things as a win or loss for any given president is foolish and exhibits a fundamental misunderstanding of how commodity markets work.

I thank goodness that the global markets always drop the price of oil and gas for us during election years in the US.

 

[Brampton_Boy]

I thank goodness that the global markets always drop the price of oil and gas for us during election years in the US.

That's categorically untrue. Over the past 9 election cycles, oil has increased leading up to an election on four occasions, dropped on three occasions and remained unchanged on two occasions.

You guys really need to do some basic research before making statements.

PS: For transparency, any country with a strategic oil reserve can temporarily influence the price of oil by either buying or supplying oil into the market. The United States petroleum reserve holds more than 700m barrels, so in theory, an administration could radically impact the price of WTI (less so for Brent Crude) in the near term.

 

[Romulas]

That's categorically untrue. Over the past 9 election cycles, oil has increased leading up to an election on four occasions, dropped on three occasions and remained unchanged on two occasions.

You guys really need to do some basic research before making statements.

PS: For transparency, any country with a strategic oil reserve can temporarily influence the price of oil by either buying or supplying oil into the market. The United States petroleum reserve holds more than 700m barrels, so in theory, an administration could radically impact the price of WTI (less so for Brent Crude) in the near term.

Do you have a chart showing prices per month?

My initial Google search yielded a whole bunch of very general, paraphrased articles from April 2024 supporting your post with little to no data.

When I look at older articles about the prices of fuel leading up to individual elections it's says the opposite.

I'm curious to see if the very general articles are comparing the Avg price of election years gas vs. Non-election year gas "or" fuel prices in Sept, Oct, Nov in election years vs. Non-election years.

 

[Romulas]

Premium is $4.25 here, pretty much around the same it's been.

I paid 3.46 for 93 today on Long Island.

 

[Stoic1]

Your misunderstanding my point - if those things were to actually be implemented, then yes, they would absolutely impact the price of gas. However, the spot price (current price), reflects what is actually in place now - promises of future anything (increased capacity, laxer environmental regulations etc.) has no baring on the existing market.

If we were talking about the stock price of oil companies, then that is a very different conversation. Stock prices are "forward facing".

You guys have to understand there is a fundamental difference between the price of durable commodities (gold, silver etc.) and consumables (gasoline, eggs, coffee etc.).

As an illustrative example, the price of coffee has increased by more than 50% year over year. Commitments to "plant more coffee crops" has no baring on the current price, because it does not affect the current available supply for consumption.

Still not tracking.

Because earlier you referenced the price of oil skyrocketing 50% due to the war in Ukraine disrupting potential supply. That should not affect prices if, as you say, spot price only reflects the current situation and not the future. It should have no bearing on the current market, correct?

Sir, you are contradicting yourself here.

I'm asking questions because I would like to understand. I'm still standing on my previous statement that administration policies do affect price. And if you want to convince Neanderthals like myself you cannot contradict yourself. I certainly appreciate the examples you are giving but some of it is not jiving with my lived experience.

If you were to say that administration policies *DO* have an impact but and there are a lot of other variables to consider (x,y,z) I might now agree with you based on your additional statements. But you said that the administration's policies have very little impact and I think you are downplaying that more than you should.

 

[Brampton_Boy]

Still not tracking.

Because earlier you referenced the price of oil skyrocketing 50% due to the war in Ukraine disrupting potential supply. That should not affect prices if, as you say, spot price only reflects the current situation and not the future. It should have no bearing on the current market, correct?

Sir, you are contradicting yourself here.

I'm asking questions because I would like to understand. I'm still standing on my previous statement that administration policies do affect price. And if you want to convince Neanderthals like myself you cannot contradict yourself. I certainly appreciate the examples you are giving but some of it is not jiving with my lived experience.

If you were to say that administration policies *DO* have an impact but and there are a lot of other variables to consider (x,y,z) I might now agree with you based on your additional statements. But you said that the administration's policies have very little impact and I think you are downplaying that more than you should.

These are fair questions:

The price of oil was immediately impacted for a couple of reasons. One was a supply chain disruption from Russia (who is a major oil exporter). The second is that Russia faced immediate sanctions, which resulted in most European and North American countries refusing to purchase oil from Russia.

For transparency, there is an element of "anticipated future events" to the price of oil - if there is a high probability of an event occurring that would disrupt demand/supply (i.e. COVID disrupting transportation demand, war breaking out in the Middle East), speculation will absolutely drive the price of oil. I misspoke when I said that there is no forward looking factors in the price of oil and gas - there is. However, when we look at administrative decisions (building out infrastructure, expanding capacity etc.), there is no "immediacy" to the event. It is not expected to drive demand/supply in the near term, so it is not reflected in the spot price. In economics parlance, there is an inter-temporal dimension to market pricing - short term factors largely dictate the price of consumable commodities. Going back to my coffee example from an earlier post, planting coffee crops or investing in infrastructure has no baring on short term pricing.

With all of that being said, I was wrong in the way I originally framed my comments.

 

[JonnyBonesPharmacist]

I paid 3.46 for 93 today on Long Island.

What kind of badass machine do you drive?

 

[cincymma79]

Hawaii.

Well then yeah. Milk is expensive there too

 

[Legumes]

Reward points are so common now, that nobody should be paying the full price for gasoline. Just saying...

 

[NickNick]

I paid 3.46 for 93 today on Long Island.

PA gas tax is a bitch.

 

[Kingz]

If I didn’t fear success I would invest into this sticker to stick on pumps across America now

 

[Strychnine]

It’s amazing that no matter what the price of gas is, the oil companies make record profits every year. They could lower the price of gas but choose not to and dance on a razor blade on how much the consumers will pay before they change their behaviors.

This is the reason why I have no idea why "we" are still subsidizing oil companies.

 

[Crazy Source]

It was cheap. I wanted to cry.

Like a night with your mother.

 

[ShadowRun]

What how can this be

 

[Substance Abuse]

It probably helps that Brent Crude is $69.04 a Barrel.

The four year low for gas was actually in March of 2023, during the Biden administration,

Just so you understand, the price of oil and gas in the United States is dictated by global markets, and has very little to do with the administration (at least it terms of spot pricing). When you see regional variation in gas prices, it is largely due to infrastructural factors (i.e. refinery maintenance), not political.

Trying to claim these things as a win or loss for any given president is foolish and exhibits a fundamental misunderstanding of how commodity markets work.