Why is the price of gas going up?

[Athena]

Have you noticed the jump in the price of gas? We are still months away from summer vacations and already I am thinking I better adjust to riding the bus to the gym, and leaving my car parked. My rent jumped $135, food has gone up, I use very little heat because my electric bill is too high. And now the price of gas is higher than it has been in years, and when the price of gas goes up, the economy goes down. When the cost of gas is high, it consumes all our discretionary money and nothing is left for extras.

https://www.moneycrashers.com/why-gas-prices-rising/

 

[RNG]

The price of crude oil is increasing. That is currently the main driver.

A secondary factor is the amount of gasoline the US now exports.

 

[Sabcat]

I was just commenting that gas has remained the same since X-mas here and even setting aside the holiday spike it has been 2.99. When i go to des Moines it has fluctuated a lot but gas is weird there.

 

[Neil]

I haven't noticed anything like that; it seems it has gone down then back up to what it was a couple months ago.

 

[TNVolunteer73]

I got Gas for 2.07/gallon sunday

Has your state raised taxes on gas?

 

[Hollywood]

I got Gas for 2.07/gallon sunday

Has your state raised taxes on gas?

Where? I live in Memphis, not far from Lebanon at all, and the gas ranges from $2.39 to $2.49/gal. Now, ten miles south of here in DeSoto Cpunty, Ms. the average is about $2.15/gal due to lower state taxes.
Where were you that you bought gas for $2.07'gal?

 

[senor boogie woogie]

I return home once a year and noticed gasoline prices have gone up about 20 cents a gallon from last year. We frequent one gas station which more than likely loses money on gas to draw customers in the store. Called a "loss leader' in retail jargon.

In China, a gallon of gas is about $4 a gallon.

 

[imaginethat]

Have you noticed the jump in the price of gas? We are still months away from summer vacations and already I am thinking I better adjust to riding the bus to the gym, and leaving my car parked. My rent jumped $135, food has gone up, I use very little heat because my electric bill is too high. And now the price of gas is higher than it has been in years, and when the price of gas goes up, the economy goes down. When the cost of gas is high, it consumes all our discretionary money and nothing is left for extras.

https://www.moneycrashers.com/why-gas-prices-rising/

As you can see, Obama got the price of oil down, but then Trump drove up the price. It's part of MAGA.

 

[Twisted Sister]

Have you noticed the jump in the price of gas? We are still months away from summer vacations and already I am thinking I better adjust to riding the bus to the gym, and leaving my car parked. My rent jumped $135, food has gone up, I use very little heat because my electric bill is too high. And now the price of gas is higher than it has been in years, and when the price of gas goes up, the economy goes down. When the cost of gas is high, it consumes all our discretionary money and nothing is left for extras.

https://www.moneycrashers.com/why-gas-prices-rising/

The Law of Supply and Demand. People like me driving big gas guzzlers are the problem. I should sell my big truck and buy an energy efficient self-driving Tesla. All I have to do is say take me to White Castle and away we go.

 

[Marcus Livius]

As you can see, Obama got the price of oil down, but then Trump drove up the price. It's part of MAGA.

Not really, the low prices during the last year and half of Obama's second term was due to the huge increase in production of US fracking and the Russians ramping up production to counter their economic woes plus the need to pay off their wars in Ukraine and Syria. The Saudis also increased production in their efforts to drive the US frackers out of the market, because the Saudis can withstand much lower PPB than the US frackers to remain viable.

By the beginning 2016, PPB fell below the break even point for many domestic US frackers and they put production on hold, thus the rise in PPB. Keep in mind the rise in price happened early in 2016 while Obama was still in office.

In July 2017, the new KSA Crown Prince Mohammad bin Salman after solidifying power reversed previous strategy and cut production. It was about this time that Russia surpassed KSA as the top oil producer.

In November 2017, not only did Crown Prince Mohammad bin Salman extend the cutback that was originally meant to expire at the end of March 2018, he convinced the rest of OPEC to follow suit. To top it off, Nigeria and Libya which were exempt from the cutbacks voluntarily agreed not to exceed their quotas.

Finally, here in the US, we are about to switch from winter blend to summer blend at the gas stations. There is always an associated rise in price each and every year no matter which seasonal blend we are switching too.