Not to mention a renewed push for drilling in the untapped Federal reserves in Alaska and elsewhere. Thus far there has been little exploration because it’s not profitable. But if oil goes above $100 a barrel, then suddenly it becomes viable to develop those fields.
I truly can’t fathom what is going on in my western PA neighborhood. Gas has been $3.36/gallon for weeks. Suddenly this morning it is $3.33/gallon. It was still that price after work so I filled up my tank.
I imagine high gas prices might encourage some MAGA disciples to stay home instead of voting in the mid-terms. You might see some of the “independents” and swing voters show their dissatisfaction with the GOP by voting Democrat this time.
The USA gets very little oil thru there. This is just normal market jitters. Note that the Straight is only-currently- mostly closed- with 30+% coming thru. The US and other nations are organizing convoys and defenses- which honestly they should have seen coming- this has happened before.
Gas prices did a small jump in CA, what with summer formulations coming online, refineries closing and what not. Of course the Iran sitrep is part of that.
https://ktla.com/news/california/california-gas-prices-surge-middle-east-turmoil/
Here in the Wichita area, gasoline just spiked to 2.99 a gallon, up from about 2.49 last week. Glad I filled up on Sunday.
I fill up once a month. It’s usually around 9.5 gallons. Last month it cost me $2.55 a gallon. Today it cost $3.10. I expect MAGA to blame Biden or Obama.
It’s more complicated than that. World oil prices will go up if something hurts the supply. U.S. prices will go up if world oil prices go up even if the oil affected isn’t coming to the U.S. The U.S. both imports and exports oil everyday. Global prices affect U.S. prices.
The guy you quoted me talking about in my post does a very good job of explaining all of it. There are real tangible reasons why the prices are going up, not just jitters. He also explains why, at least up to this point, it’s not as catastrophic as some predict (when it comes to oil prices anyway).
Yes, I know, Oil is a fungible commodity. But still, this should have caused any immediate spike is US oil and Gas prices.
So in NJ the average price has gone from $2.927 to $3.083 for regular already.
You can find your state here: AAA Fuel Prices