President Biden just said he was starting a commission to over see Oil Companies to make sure the price of gas goes down when the price of oil goes down. He is also calling on OPEC to produce more to keep the cost per gallon down in the US. You would think he would understand that oil going down five dollars from 70 to 65 does not move the needle that much from 3.00 a gallon to 2.00 a gallon. This time last year oil was down a lot and so we had low fuel prices. Thank goodness for our industry and our country oil went up to where it is today. Also, please explain how we are going to cutback on carbon emissions if we are still burning gas refined out of OPEC oil. Why not just crank up domestic production since we are still going to be burning the same amount of gas.
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The post before the last one looks like it was sent to the wrong thread. It has nothing to do with the topic.
How does the previous post relate to gasoline prices? Were the Virginia colonists manipulating gasoline prices in 1619?
If we are looking for alternative opinion then why not look at alternative theories like critical race. Why only selectively choose narrative to suit your beliefs ? The widely reported data is what one should believe like rest of the world. There is no widespread conspiracy to eliminate/control population. For God’s sake think rationally and only make data driven decisions.
Let’s just hope the politicians don’t treat the oil companies like they want to treat the pharmaceutical industry. They would be limiting the rate of return on the field level or on the product level in the case of chemicals.
Unless your business is transportation (ship, truck, rail, air), gasoline represents a very small percentage of the cost of living. This is just political theatre designed to distract Americans from important issues like rising inflation, non-existent border security, and the exploding crime wave.
In June 2021, around 55% of the total price of gas was the price of crude oil. Another 13% was distribution and marketing, 16% was federal and state taxes, and 16% was refining costs and profits.
Not all comes from Canada and OPEC + supplies a lot as well. Biden has been calling for more OPEC + production for months.
The following ten countries are those that the U.S. imports the most oil from per day based on April 2020 numbers. Numbers are in thousands of barrels.
Canada (4,088)
Mexico (631)
Saudi Arabia (431)
Russia (408)
Colombia (277)
Ecuador (176)
Iraq (140)
South Korea (133)
Brazil (104)
The Netherlands (93)
Someone doesn’t understand how globally traded commodities pricing works. ⬇️
What has OPEC got to do with gas prices in the USA? The USA does not import any oil from OPEC and has not for years. Any imported oil comes from Canada.