Why are gas prices going up?

[AirBonner]

Anyone know why? ;)

[MaxPlayer]

Must be those darn greedy businessmen.

[ItsMillerTime]

Has to be Biden. HAS TO BE

[Axe]

Orange man

[FultzNationRISE]

Has to be Biden. HAS TO BE

Lol I know right. What a silly implication.

Anyone with a functioning brain knows it’s still Orange Hitler’s fault somehow ;)

[JohnnySic]

[paksat]

lmao that's so sick

[baudkarma]

Anyone know why? ;)

Sure. Gas prices were artificially low during the height of COVID-19 because nobody was driving. Refineries were backed up, tankers couldn't find a place to unload their cargo. Refineries were dumping gas onto the market because it cost more to keep that crude oil on the tanker that it did to dump that oil at a loss.

Now people are driving more.

Gas prices nationwide are still way below where they were before the 'rona bit our ass. I remember gas prices over $3 a gallon.

[BigKobeFan]

Sure. Gas prices were artificially low during the height of COVID-19 because nobody was driving. Refineries were backed up, tankers couldn't find a place to unload their cargo. Refineries were dumping gas onto the market because it cost more to keep that crude oil on the tanker that it did to dump that oil at a loss.

Now people are driving more.

Gas prices nationwide are still way below where they were before the 'rona bit our ass. I remember gas prices over $3 a gallon.

How is that artificially low? Its start supply and demand economics

[bladefd]

Sure. Gas prices were artificially low during the height of COVID-19 because nobody was driving. Refineries were backed up, tankers couldn't find a place to unload their cargo. Refineries were dumping gas onto the market because it cost more to keep that crude oil on the tanker that it did to dump that oil at a loss.

Now people are driving more.

Gas prices nationwide are still way below where they were before the 'rona bit our ass. I remember gas prices over $3 a gallon.

Yup, demand starts to rise and so do the prices. When demand was low across 2020, so were the prices. Both supply and demand can impact the price. It's basic economics.

Price goes up if demand goes up and/or supply goes down. Supply is currently overbloated to the point that they had to slow down oil extraction around the world for 7-8 months. Difference is that the demand is going up now globally so that is driving up the price.

Price goes down if demand goes down and/or supply goes up. We had demand go down in 2020, but supply has been pretty much the same across the US. Demand dropping is why the price fell, and lack of demand caused supply to eventually go up from waiting tankers bringing in oil that wasn't getting used. That further dropped the prices.

Regardless, oil prices are low still. They will go up more as more people get vaccinated and people begin to travel/drive more. Demand will go up further.

[paksat]

Yup, demand starts to rise and so do the prices. When demand was low across 2020, so were the prices. Both supply and demand can impact the price. It's basic economics.

Price goes up if demand goes up and/or supply goes down. Supply is currently overbloated to the point that they had to slow down oil extraction around the world for 7-8 months. Difference is that the demand is going up now globally so that is driving up the price.

Price goes down if demand goes down and/or supply goes up. We had demand go down in 2020, but supply has been pretty much the same across the US. Demand dropping is why the price fell, and lack of demand caused supply to eventually go up from waiting tankers bringing in oil that wasn't getting used. That further dropped the prices.

Regardless, oil prices are low still. They will go up more as more people get vaccinated and people begin to travel/drive more. Demand will go up further.

oh hush, gas prices have been low since about 8-9 months into trumps presidency.

lol @ blaming the pandemic when the prices hardly changed if at all. The only real change has been about 2 weeks before trump left office, same ole same ole is back in business now. But we'll blame trump for being in bed with politicians and russia and lol w/e else you wanna dream up.

[paksat]

Sure. Gas prices were artificially low during the height of COVID-19 because nobody was driving. Refineries were backed up, tankers couldn't find a place to unload their cargo. Refineries were dumping gas onto the market because it cost more to keep that crude oil on the tanker that it did to dump that oil at a loss.

Now people are driving more.

Gas prices nationwide are still way below where they were before the 'rona bit our ass. I remember gas prices over $3 a gallon.

lol @ this lying, gas prices have been low for almost 4 years.

[JohnnySic]

All kidding aside, the price of gas is based on the spot price of crude, which is all market driven, long vs short futures. I look for crude to drop a lot in the near future.

[Jasper]

I have been watching a lot since Trump left --
Prices of gas went up when Trump was President...
Prices have stabilized or have gone down since Biden.
/

[BigKobeFan]

I have been watching a lot since Trump left --
Prices of gas went up when Trump was President...
Prices have stabilized or have gone down since Biden.
/

That is a straight ****ing lie