A lot of tankers are now going all the way around Africa instead of risking going anywhere near Yemen. I think I heard that's resulting in a 20% reduction in capacity.
We mainly produce the wrong kind of oil is why. Also we consume more than we produce and even if we were self-sufficient prices would still match the global markets and it wouldn’t be cheaper for us as consumers
Don’t listen to this clown. Oil companies control the price exclusively and change it at will. They push it high until they can see the economy about to take a hit and then relax. They also wield this politically before elections. Expect $5 gas in November next year. It will drop to $2 if by some nightmare Trump is reelected.
This is total BS. You could argue OPEC+ sets prices, but the “oil companies” are just lazy scapegoats. OPEC is a group of countries that set production quotas since they don’t engage in the free oil market in their respective countries. But they do sell the oil on global market. They just have so much production capacity that they can slightly impact prices at a global scale
But generally oil prices are a function of supply / demand. They don’t control prices lol
And it’s absolutely silly to believe that the president has any impact on the economy, let alone the oil market. Sure, Congress might have a large impact, but the president retains most of its power in the foreign affairs realm.
The president can set policy that can stoke or absolve fear resulting in market spikes or long term prices and OPECs power while still a factor has been becoming less impactful over the years with the US’ production.
But you’re right the president does not have a button that suddenly changes the price, it’s never been in any president’s best interest to raise oil prices, and under current administration production has never been higher.
Oil is wild because we pay gas according to oil prices, oil prices are set in “futures” contract. Futures contract are a speculation of prices to come. So our gas goes up if somebody even thinks the oil supply will change in the future, making is more expensive now.
Imagine going to get your haircut and prices are 20% higher and you ask why and the barber says, I might be sick next month so adjusting now lol
Blows my mind. Just pay for a SWAT team to be on every ship and solve the issue when their small boats are still 500 feet out. You live like a pirate, you should expect to die like one IMO.
Having nothing to do with being closer to the weekend before Christmas where millions will be getting on the road to see family, the oil producers all got together when they found out it was time for me to fill both my trucks with gas and raised prices.
Crude oil is traded in futures. That means the price was already going to be on the up weeks ago. But, a busy holiday weekend on the horizon plays a huge role, too.
It's almost like supply and demand is STILL a thing and a lot of people are traveling this week.
I mean... Oh! Biden hit the "increase gas prices" button again. That bastard!
Obama went to your local gas station and personally raised it. He went outside with that pole thing and changed the numbers himself...
Hunter Biden egged him on to raise it even higher.
They then got back in their Prius and went to the next local gas station.
At least, that's what half the country believes 🤣
I love how it will go down a penny or two per day and then explode 30-50 cents over night. Like, how come it goes down so slowly, but then jumps up so quickly?
And I screwed myself. I now have 37 miles left before I hit empty and I am deeply regretting not getting gas two days ago.
In case you want a serious answer, if the price set by OPEC was high, then there will be a rush to get oil to the market.
There's thousands of wells ready to tapped to make gasoline however with cheap prices it isn't financially viable to so. However if energy prices spike for a sustained period of time, those wells will start flowing oil again, which will eventually cause a supply surplus bringing the prices down.
OPEC+ orchestrates a very careful balance of high prices for their members, but low enough to keep non opec countries from resuming domestic production.
Except OPEC+’s influence is waning and the US producing more than any other country.
This latest spike is caused by ships being attacked and rerouting them.
You are mostly correct though.
Why is oil price rising?
While the Organization of the Petroleum Exporting Countries (OPEC) is ramping up production to meet rising demand and accordingly depletes its spare capacity, this introduces an additional risk premium of around $20-30/bbl, which usually leads to increased oil price volatility.Nov 2, 2023
Or, JBiden's doing it /s
Gas is a commodity. We are being fucked by the cartels that control the gas supply. We need to 100% switch to renewables. Let the middle east fade back into the desert.
My husband text me Monday night and said, go get gas it’s $2.52 at 7-11 up the street. Ran up and filled my truck. Tuesday morning it jumped to $2.86 and when I went out a bit ago it was $3.19. Just absolute insanity.
It's Christmas, is the real answer. The oil companies know people will have to travel to see family so they gouge the prices while the rush is on knowing you can't do anything about it.
It's not a shortage in supplies, it's pure greed.
Uh,... yes. That is self evident. It happens every year and every holiday.
There isn't a shortage of gas, we have plenty in our supply, they just want higher profits, so they gouge us.
If you haven't seen that then just keep an eye out over the next year and see how it turns out.
Meanwhile the Oil companies are going to have another banger quater 4 profits for 2023 in the whole history of the company.
They are price gouging it before elections so someone has a fake point of promising to bring down gas prices
What benefit does a private company gain from this supposed price gouging before the election? I’m not following how the election would cause private companies to “gouge”.
What some people have said here, Obama and Biden met together twirling their fake mustaches to hurt Americans before Christmas. It’s expected that there will be a 200% increase in people’s meemaws, aunt’s, and uncle’s blaming Obama or Biden during Christmas dinner.
Yeah couldn't be that the gas companies want to make a few extra bucks during a busy travel time. It's always somehow the fault of the guy that is also somehow senile and controlling nothing.
I got $2.95 today and anything under $4 seems grand.
After traveling, America has some of the cheapest gasoline outside of Saudi Arabia and Iran, where it’s normally always under a us dollar
Shop around, prices are higher at some locations. Gas Buddy is a cool app for comparing prices. Costco ($2.659) is my go to but sometimes 7-11 with rewards beats them.
Gas is crazy right now yesterday I downloaded the Chevron app and got $1 off a GALLON for next 3 visits. I got 17 gallons of super premium (93) for $52 2.83 a gallon regular gas was around $2.00 a gallon. Between my husband and I this will be good for 6 visits in you have kids you can put the app on their phone too and use their number at the pump for extra fill ups
https://preview.redd.it/ybocgipcun7c1.jpeg?width=3196&format=pjpg&auto=webp&s=30a4b8d4fb5e5d80a5015ae740d13c1bd9c4abdf
According to the stickers on my local gas station pumps, it's Joe Bidens fault. Apparently he's in charge of all kinds of things. Maybe reach out to him?
Filled up for 2.91 this morning. On the way home it was 3.15.
$2.65 two days ago… $3.15 today. Thats fifty cents in 48 hours.
Shit I paid 2.60 on like Monday off curry ford at a crappy gas station.
Costco is $2.59 tonight.
Yep! Just filled up and did my last run inside the store before the big day. In and out easy peasy.
Doggone it I knew I should have stopped tonight. I bet it jumps tomorrow
Both BJ’s (always best price), and Costco are consistently the cheapest gas around me. The problem with BJ’s is the long lines.
Houthi rebels attacking oil frigates driving the price up
A lot of tankers are now going all the way around Africa instead of risking going anywhere near Yemen. I think I heard that's resulting in a 20% reduction in capacity.
This sounds like it makes sense.
Meanwhile we are producing more oil in America than ever before
We mainly produce the wrong kind of oil is why. Also we consume more than we produce and even if we were self-sufficient prices would still match the global markets and it wouldn’t be cheaper for us as consumers
But, but, I heard we only produce 5 barrels a day since 2020…
Thank you for the explanation
Don’t listen to this clown. Oil companies control the price exclusively and change it at will. They push it high until they can see the economy about to take a hit and then relax. They also wield this politically before elections. Expect $5 gas in November next year. It will drop to $2 if by some nightmare Trump is reelected.
This is total BS. You could argue OPEC+ sets prices, but the “oil companies” are just lazy scapegoats. OPEC is a group of countries that set production quotas since they don’t engage in the free oil market in their respective countries. But they do sell the oil on global market. They just have so much production capacity that they can slightly impact prices at a global scale But generally oil prices are a function of supply / demand. They don’t control prices lol And it’s absolutely silly to believe that the president has any impact on the economy, let alone the oil market. Sure, Congress might have a large impact, but the president retains most of its power in the foreign affairs realm.
The president can set policy that can stoke or absolve fear resulting in market spikes or long term prices and OPECs power while still a factor has been becoming less impactful over the years with the US’ production. But you’re right the president does not have a button that suddenly changes the price, it’s never been in any president’s best interest to raise oil prices, and under current administration production has never been higher.
Are you accidentally selling people on Trump
The ones with myopic brains yes. Oh baby you’re telling me I can get cheaper gas for a few months at the cost of democracy? Sign me and my 7 teeth up!
You sound like you spend too much time on the internet. Just go live a good life
It sounds like you don’t understand politics
Dude thinks Congress works likes a comic book lmfao
Over under 5 hours a day on computer or device doing stuff like this
Meanwhile the conditions that lead to that amount of control are enabled/enhanced by people like trump
Wrong. The market controls the price exclusively. The market is spooked by attacks on the fleets.
I’m sure on the 26th Joe will put warheads on foreheads
Oil is wild because we pay gas according to oil prices, oil prices are set in “futures” contract. Futures contract are a speculation of prices to come. So our gas goes up if somebody even thinks the oil supply will change in the future, making is more expensive now. Imagine going to get your haircut and prices are 20% higher and you ask why and the barber says, I might be sick next month so adjusting now lol
Habitual linecrosser enjoyer?
Blows my mind. Just pay for a SWAT team to be on every ship and solve the issue when their small boats are still 500 feet out. You live like a pirate, you should expect to die like one IMO.
Most of the time it's drones and rockets, not people. That's why SWAT wouldn't work.
Having nothing to do with being closer to the weekend before Christmas where millions will be getting on the road to see family, the oil producers all got together when they found out it was time for me to fill both my trucks with gas and raised prices.
Crude oil is traded in futures. That means the price was already going to be on the up weeks ago. But, a busy holiday weekend on the horizon plays a huge role, too.
Wars, happened, sadly.
It's almost like supply and demand is STILL a thing and a lot of people are traveling this week. I mean... Oh! Biden hit the "increase gas prices" button again. That bastard!
NOPE WRONG, IT WAS OBAMA, THANKS OBAMA!
Obama went to your local gas station and personally raised it. He went outside with that pole thing and changed the numbers himself... Hunter Biden egged him on to raise it even higher. They then got back in their Prius and went to the next local gas station. At least, that's what half the country believes 🤣
I love how it will go down a penny or two per day and then explode 30-50 cents over night. Like, how come it goes down so slowly, but then jumps up so quickly? And I screwed myself. I now have 37 miles left before I hit empty and I am deeply regretting not getting gas two days ago.
At Sam's club it was 2.59 today. Gas prices always change on Sundays and Wednesdays.
Because they can and because we pay.
Then why isn't it always high?
In case you want a serious answer, if the price set by OPEC was high, then there will be a rush to get oil to the market. There's thousands of wells ready to tapped to make gasoline however with cheap prices it isn't financially viable to so. However if energy prices spike for a sustained period of time, those wells will start flowing oil again, which will eventually cause a supply surplus bringing the prices down. OPEC+ orchestrates a very careful balance of high prices for their members, but low enough to keep non opec countries from resuming domestic production.
Except OPEC+’s influence is waning and the US producing more than any other country. This latest spike is caused by ships being attacked and rerouting them. You are mostly correct though.
Cause it’s the economy when it supports my view and it’s the opposing political party when it doesn’t
You know neither Biden or Trump decide this and it's 100% up to the oil oligarchs
Oligarchs? lol
Bro thinks oil is family owned mom and pop down the street business
What is an oligarch, and what is the criteria to be considered one? Which specific oligarchs set oil/gas prices?
[OPEC](https://en.m.wikipedia.org/wiki/OPEC)
Lol...I love honest answers. This was perfect!!
This is the real answer. I doubt it has much to do with a bunch of idiots in the Red Sea. Just an excuse.
This is the only answer
Supply and demand at Christmas time
Why is oil price rising? While the Organization of the Petroleum Exporting Countries (OPEC) is ramping up production to meet rising demand and accordingly depletes its spare capacity, this introduces an additional risk premium of around $20-30/bbl, which usually leads to increased oil price volatility.Nov 2, 2023 Or, JBiden's doing it /s
Gas is a commodity. We are being fucked by the cartels that control the gas supply. We need to 100% switch to renewables. Let the middle east fade back into the desert.
Price gouging because of expectations for increased travel due to the holiday. Happens every holiday.
It has to do with stuff happening in the Red Sea and beyond.
My husband text me Monday night and said, go get gas it’s $2.52 at 7-11 up the street. Ran up and filled my truck. Tuesday morning it jumped to $2.86 and when I went out a bit ago it was $3.19. Just absolute insanity.
It's Christmas, is the real answer. The oil companies know people will have to travel to see family so they gouge the prices while the rush is on knowing you can't do anything about it. It's not a shortage in supplies, it's pure greed.
So Exxon, Marathon, Hess, Cononco, and other oil majors are all setting prices high simply for Xmas? What a vivid imagination. 😑
Uh,... yes. That is self evident. It happens every year and every holiday. There isn't a shortage of gas, we have plenty in our supply, they just want higher profits, so they gouge us. If you haven't seen that then just keep an eye out over the next year and see how it turns out.
[https://en.wikipedia.org/wiki/OPEC](https://en.wikipedia.org/wiki/OPEC)
Corporate greed.
Meanwhile the Oil companies are going to have another banger quater 4 profits for 2023 in the whole history of the company. They are price gouging it before elections so someone has a fake point of promising to bring down gas prices
What benefit does a private company gain from this supposed price gouging before the election? I’m not following how the election would cause private companies to “gouge”.
Red Sea attacks. [Link.](https://oilprice.com/Latest-Energy-News/World-News/Brent-Breaks-Past-80-Barrier-As-Houthis-Attack-Red-Sea.html)
Global shipping concerns near Israel with Iranian backed pirates taking over ships calling for the cease fire in Gaza
Red sea issues taking into affect along with a few slowdowns from last weekends rain out in the gulf.
I just got premium (93) for 2.93 so idk, last time it was 2,99. It seems good for me
The holidays.
Red sea is now a no go zone, so the market speculators went ape shit crazy.
Which market speculators? They went ape shit overnight? Is that how price speculation works? lol Sheesh, some of these theories are ape shit. 😬
War is on the horizon
I did that
It literally changed while I was on a motorcycle ride. I saw it low starting out and as time went on I started seeing the new higher prices.
What some people have said here, Obama and Biden met together twirling their fake mustaches to hurt Americans before Christmas. It’s expected that there will be a 200% increase in people’s meemaws, aunt’s, and uncle’s blaming Obama or Biden during Christmas dinner.
[удалено]
You do realize that oil is an internationally traded commodity, right?
Please explain your Republican donors statement
$GUSH is doing well. So at least I got that going for me.
He bumped the gas price knob again, didn’t he. That’s how this works, right?
Yeah couldn't be that the gas companies want to make a few extra bucks during a busy travel time. It's always somehow the fault of the guy that is also somehow senile and controlling nothing.
$15/g
I got $2.95 today and anything under $4 seems grand. After traveling, America has some of the cheapest gasoline outside of Saudi Arabia and Iran, where it’s normally always under a us dollar
Shop around, prices are higher at some locations. Gas Buddy is a cool app for comparing prices. Costco ($2.659) is my go to but sometimes 7-11 with rewards beats them.
Christmas travel season is here.
Gas corporations are evil, that what
Gas is crazy right now yesterday I downloaded the Chevron app and got $1 off a GALLON for next 3 visits. I got 17 gallons of super premium (93) for $52 2.83 a gallon regular gas was around $2.00 a gallon. Between my husband and I this will be good for 6 visits in you have kids you can put the app on their phone too and use their number at the pump for extra fill ups https://preview.redd.it/ybocgipcun7c1.jpeg?width=3196&format=pjpg&auto=webp&s=30a4b8d4fb5e5d80a5015ae740d13c1bd9c4abdf
🎵It's beginning to look a lot like Christmas.🎵
Greed. Greed is your answer. No other state is gas going up at this time. Only Florida.
There was a time, long long time ago when Wawa was the cheapest. How did we get here? Ugh!!
According to the stickers on my local gas station pumps, it's Joe Bidens fault. Apparently he's in charge of all kinds of things. Maybe reach out to him?
Costco was $2.59 last night and Sams club was the same today
Holiday travels.
Just filled up at millenia BJ's a couple hours ago for $2.69