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
Not entirely fungible. There are various grades: light vs heavy, and chemistries: sour vs sweet (having sulfur or not). Refineries are set up to handle specific types, so you can’t just take any oil to any refinery. But within a specific grade and chemistry, it’s fungible.
Good point, but I am not sure how relevant here.
When DesertRoomie was working as an assistant manager at a gas/convenience store gas prices rose suddenly when somebody poked a hole in the pipeline between Phoenix and Tucson (and hence to Texas). Prices rose to $4.80 a gallon and everybody screamed. It was costing the store $5.00 per gallon plus delivery to get it trucked from Tucson to the distributors here so they were losing money on every sale, sustaining themselves on cigarettes and jerky.
After about two weeks the pipeline was repaired and prices to the store returned to normal but, as you said, prices remained up while they made their nut back. One of her duties on the days she worked was to drive around and check the prices of the three stations closest to hers. A report would be sent to corporate and a half-hour or 45-minutes later would come back the price they wanted to charge for the day.
Chicago area - up to $3.39-3.49 yesterday. Curiously, there is one Shell station near me which is ALWAYS the most expensive. However, yesterday THAT station was $3.39, and the other, consistently lower-priced stations were $3.49. Truly a sign that all we thought we knew has been upended! 
Small town Western MI. gas rose by almost a dollar a gallon.
If we’re tabulating, it went up about 30 cents in my neck of Florida.
I saw one station at $4.42, the rest were in the $3.90 range. I grinned as I drove by in my EV. I don’t know what the CostCo prices were but the crowd at the one I frequent was so bad it was jamming up the rest of the parking.
The prices I’m seeing north of Boston for regular so far have been in the low to middle three dollar range but I expect they’ll be going up soon. Since I have a 2012 Honda Fit with excellent gas mileage for my mostly local driving, I won’t be hurt much on that, but I expect various other consumables I buy will see hikes because of shipping costs.
Here on Vancouver Island, a gas station in Nanoose was selling for $1.69/L while stations in Nanaimo were selling for $1.80/L. The gas station had a lineup to the point where there was an employee directing traffic. I have never seen a gas station here so busy.
What I’m seeing around here is a whole lot of stations which used to differ in price coming together on $3.39.
Just to be clear, this is not a criticism or meant as evidence of collusion. It probably is normal that when wholesale prices increase, retail prices come together, and vice versa.
I think the same may be true of eggs. When generic large eggs were about $4.99 a dozen, that was a common price, and probably a loss leader. Now they are mostly a couple dollars lower, but my wife found 99 cents last week.
P.S. To come back to the thread, I think the U.S. is so politically polarized that gas prices going through the root will not be as damaging politically as in the past. When big news comes out that hurts Trump, he maybe goes down another 1 percent in polls, not 10 percent.
The benchmark Brent crude is now $92.69.
Unlike those who chuckle at gas prices because they drive an EV, I don’t, but I drive so little and often such short distances that I sometimes worry about getting out of sync with seasonal winter vs summer gas. A stop at a gas station is a rare event these days.