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AnonymousAnonymous
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12 Jun 2022, 11:11 pm

https://thehill.com/policy/energy-environment/3520293-gas-prices-hit-new-record-high/


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Matrix Glitch
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12 Jun 2022, 11:14 pm

A lot of other stuff has too.



goldfish21
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13 Jun 2022, 12:34 am

Still cheaper than Canada by quite a lot. We're at $8.84/us gallon. After I renew my passport I might start crossing the border into Washington state and filling my car up there again.. save something like $40/tank approx.


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Mountain Goat
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13 Jun 2022, 4:02 am

Just worked it out. Last time I was out and about and refuelled petrol just under $14 a gallon here in the UK. (I used a stirling to dollar calculator). It maybe $14 as most refueling stations had higher prices. I tend to shop around because prices are going up daily and whoever gets new fuel in tends to jump around 5 to 10p a letre a time. diesel prices are even higher than that as they are closing in on $15 a gallon. What is it in the US at the moment?

There is something that does not add up about fuel prices and what they tell us on the news.
In the past we used to take crude oil into the UK direct from the Middle East by ship. Then due to the odd ship running aground they said they must build a pipeline and that pipeline goes through Russia and our fuel prices shot up by about a third from around a high of 90p per letre to £130 a letre though it later dropped a little once things settled down and the crude oil prices went down.
Today crude oil prices have dropped a lot and were said to be pretty low, but the news "Claims" that the hike in prices are Russia charging us more (They are not allowed to do that as they have a contract to only take a small percent per unit).
Now we are shipping our fuel direct to try to bankrupt Russia and yet the fuel prices have not gone down, but gone up! (And before one says "We have to get more ships" the last leg of the journey into the UK has to be shipped in anyway as we are an island so all we have done is to send the ships we already use on a longer journey. Is the same ships give or take a few new ones to replace some ancient ones which is everyday wear and tear).
So I do not get why our fuel prices have gone up.
Put it this way. Here where I live in Wales one of the petrochemical companies decided to make a big pipeline from one of the refineries to somewhere else in England (?) but they rarely used it as they found it far cheaper to take the fuel by train than to power all the pumps the pipeline needed to pump the fuel from one place to another. Using rail was cheaper. Ships are cheaper again to transport in bulk. So how and why are we paying higher prices? Why didn't fuel prices drop when we bypassed Russia? I don't really get it!



goldfish21
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13 Jun 2022, 12:48 pm

I've read several times that oil/gas prices aren't tied to supply & demand anymore. Majority of the price at the pump is influenced by futures trading of oil contracts.. basically a bunch of huge $ players trading oil on Wall Street, bidding up the future price of oil over and over again.. and not letting those prices fall. I believe it.

Here's a link to a 2008 study that says 60% of the price is based on speculative trading: https://www.ftc.gov/sites/default/files ... -00038.pdf

It's probably more today. So, basically, some super rich guys are playing gambling games with gas prices and that's why it's stupid expensive.


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r00tb33r
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13 Jun 2022, 5:20 pm

I'm thinking I'm gonna look into buying me a sports car this summer when gas hits $6 a gallon. There is already reported demand destruction for fuel. I hope car sales will slow down.



DW_a_mom
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14 Jun 2022, 2:03 am

The thread title should be amended. It isn't just US gas prices. It's gas prices. Worldwide.


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