[Stu from NYC]

Originally Posted by OrangeBlossomBaby

If that's the only reason you can come up with, then you're not paying attention at all.

The reason the prices are so high, is because the oil companies have chosen to raise their prices. The taxes aren't any different than they were before the hikes. They're at the same percentage as usual. Some states have more taxes, but the taxes are charged as a percentage, not a dollar amount. 10% tax on $100 is going to be more than 10% tax on $50. You knew that though.

The oil companies have enjoyed record-breaking profits in the last year. For those who say oh it was only $5 billion - no, that's not true. It's $5 billion MORE THAN THE YEAR BEFORE. Not $5 billion total. If the year before last was $20 billion, this year it's $25 billion. In profits. Not revenue.

The stockholders are having a field day. The people at the pumps, not so much.

One of these days you might want to read a book on basic economics to understand how capitalism and economics works.

[Two Bills]

Filled my car in UK today 5% Ethanol @ £9.20 imp. gallon. That's $11.40 Imp. gallon. That's about $9.46 for a US gallon.
Pretty much same price all over Europe.

Fuel duty is currently levied at a flat rate of £2.66 ($3.33) per gallon for both petrol (gas) and diesel, while VAT at 20% is then charged on both the product price and the duty.
We are screwed and counter sunk!

[JMintzer]

Originally Posted by Two Bills

Filled my car in UK today 5% Ethanol @ £9.20 imp. gallon. That's $11.40 Imp. gallon. That's about $9.46 for a US gallon.
Pretty much same price all over Europe.

Fuel duty is currently levied at a flat rate of £2.66 ($3.33) per gallon for both petrol (gas) and diesel, while VAT at 20% is then charged on both the product price and the duty.
We are screwed and counter sunk!

Thanks for explaining (to those who do not know, and keep using the high prices in Europe as an excuse that our prices are too low) WHY prices are sooo high across the pond!

[Geodyssey]

Originally Posted by asianthree

Because one can drive to whatever gas station makes them happy. Many who live in TV drive cars so little that .10 isn’t worth driving 5 miles.

I have been paying $3.77 or less for 2 weeks. Of course I am not in Florida

People should be happy to pay $4, 5, even $6 per gallon in order to "stick it to Putin".

These sanctions & embargoes are working. For example, gas is now about $1.40 per gallon in Moscow.

[Geodyssey]

Originally Posted by OhioBuckeye

$.010 isn’t really worth driving 5 miles to get maybe 20 gal. of gas, that’s only a savings of $2.00. Gas in the Dallas/Ft.Worth area is only $4.61 to 4.71. Hopefully these prices won’t last forever!

Going to hit $10 before the end of the year.

Hope is not a strategy.

[Two Bills]

Originally Posted by JMintzer

Thanks for explaining (to those who do not know, and keep using the high prices in Europe as an excuse that our prices are too low) WHY prices are sooo high across the pond!

Welcome back.
Go anywhere nice while on holiday?

[jimjamuser]

Originally Posted by thevillages2013

Please please tell me you don’t really think that is the reason for gas being $4.55/gal now as opposed to $2.25 two years ago. Ok so you say well we were in the midst of Covid ok well I will whisper this WHAT ABOUT 2019?

Gas consumption (the DEMAND side) in the US is a factor that affects the price. But, in this case, the SUPPLY side is the BIGGER factor. The GLOBAL future RISK to OIL SUPPLY has risen sharply since the start of the Russian invasion of the Ukraine. This has driven the price of a barrel of oil up sharply. Oil is a GLOBAL commodity.
........If Putin was overthrown and a new Russian government that was westward thinking came in, the price of gas at our US pumps would drop.

[DaleDivine]

[Two Bills]

Originally Posted by jimjamuser

Gas consumption (the DEMAND side) in the US is a factor that affects the price. But, in this case, the SUPPLY side is the BIGGER factor. The GLOBAL future RISK to OIL SUPPLY has risen sharply since the start of the Russian invasion of the Ukraine. This has driven the price of a barrel of oil up sharply. Oil is a GLOBAL commodity.
........If Putin was overthrown and a new Russian came in, the price of gas at our US pumps would drop.

Wanna bet?

[MartinSE]

Originally Posted by Two Bills

Wanna bet?

Yes, why it dropped would be debated, but markets do not like uncertainty, and at the moment there is a LOT of uncertainty. And Putin's nuclear sword rattling adds to it.

[Geodyssey]

Originally Posted by jimjamuser

...If Putin was overthrown and a new Russian came in, the price of gas at our US pumps would drop.

Like if gasoline elfs came and filled up our tanks every night.

Not happening.

Putin is popular, in small part because Russia is winning the war. The ukraine is falling fast. The blame game has begun.

[jimjamuser]

Originally Posted by tophcfa

North of $60, try north of $100! Filled up my pickup truck today along with two 5 gallon gas containers and it came to $158. Ouch! I still need to fill up two 5 gallon diesel containers for my tractor at $6.39 per gallon. Look no further than the price of diesel for the root cause of inflation, everything needs to be shipped with diesel burning engines, not to mention the fact that diesel powers almost all the farming equipment that produces our food. It makes no sense that diesel costs about $1.40 more per gallon than gas since diesel is much closer to raw crude and requires less refinement. The only reason I can come up with is taxes, which is a hidden tax on all American consumers, hurting the lowest income the hardest since we all have to eat.

Is diesel the "root cause" of inflation.......Well.....diesel fuel comes from OIL........the cost of a barrel of oil depends on the GLOBAL market for oil............which depends on the SUPPLY of oil.............which depends on the WORLDWIDE RISK to that supply.........which has been triggered upward by the Russian invasion of the Ukraine. Producing INFLATION.
.........Another cause of inflation is that China is shipping less consumer goods because they locked down big population centers due to the mishandling of their Covid problem and vaccine. Therefore, producing INFLATION.

[jimjamuser]

Originally Posted by OhioBuckeye

$.010 isn’t really worth driving 5 miles to get maybe 20 gal. of gas, that’s only a savings of $2.00. Gas in the Dallas/Ft.Worth area is only $4.61 to 4.71. Hopefully these prices won’t last forever!

Recent expert prediction is a short-term slight drop and then staying relatively high.

[jimjamuser]

Originally Posted by Tvflguy

We use mid octane fuel. Fillip about ten days ago at Walmart was 4.77. Looked on gas buddy just now, it’s 4.93. Diesel is 5.50. Most say that reg gas will be $6.00 by late summer. And most “news” wants Jan 6th coverage to be top of mind. Inflation and consumer prices esp fuel is impacting the average American more than anything. But they want to focus elsewhere…. Open up America to full oil exploration!!!!

The oil companies know WHERE the oil is, so no need for "exploration". The oil companies can not just "snap their fingers" and start drilling MORE oil. They capped a lot of wells during the Pandemic - so they can only S L O W L Y increase drilling and pumping more oil. The Russian invasion has hurt the world's supply of oil. The US is looking to make deals with some other countries that are smaller suppliers of oil. Trying to keep the SUPPLY of oil high so that the price would tend to go lower.

[jimjamuser]

Originally Posted by MartinSE

Yes, why it dropped would be debated, but markets do not like uncertainty, and at the moment there is a LOT of uncertainty. And Putin's nuclear sword rattling adds to it.

True!