Why is gas so expensive and when will the price go down
Who is to blame for this it is very expensive I barely drive anywhere anymore I just walk
Who is to blame for this it is very expensive I barely drive anywhere anymore I just walk
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You walk. They fly. Go figure.Comment -
Maybe a few more years
It is called life under a DemocratComment -
Get a bikeComment -
Let's go brandon!!!Comment -
Eth 2.0Comment -
Oil futures declined on Friday, with U.S. prices ending a streak of nine consecutive weekly gains — the longest on record — as rising domestic crude inventories, the potential for revived Iran nuclear talks, and a retreat by natural-gas futures dragged crude prices further away from multiyear highs.
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Naturaand oil prices could retreat after difficult winter: Citi's Mo
“The oil market has experienced an imperfect storm,” Michael Lynch, president of Strategic Energy & Economic Research, told MarketWatch.
The Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, “reduced inventories to relatively low levels at a time when economic growth and oil demand were robust,” he said. That, combined with the loss of oil production and refinery output in the U.S. due to Hurricane Ida, which reached the U.S. Gulf Coast in late August, tightened markets, he said.
However, “it seems likely that even without renewed outbreaks of COVID, supply will outpace demand early in the New Year,” said Lynch.
For now, traders awaited the latest decision on oil production by OPEC+ at its meeting on Thursday. At its meeting in early October, the group decided to keep its current plan in place to gradually raise output each month by 400,000 barrels a
“I don’t think OPEC+ will change their plans at the next meeting, which will be bullish in the short term,” Lynch said.
On Friday, West Texas Intermediate crude for December delivery rose 76 cents, or 0.9%, to $83.57 a barrel on the New York Mercantile Exchange. The U.S. benchmark suffered a 0.2% weekly fall, ending a nine-week streak of gains, the longest ever for front-month contracts, based on records data back to April 1983, according to Dow Jones Market Data.
For the month, WTI crude was up more than 11% after settling earlier this week at a more than seven-year high.
December Brent crude the global benchmark, tacked on 6 cents, or nearly 0.1%, at $84.38 a barrel on ICE Futures Europe. The front-month contract, which expired at the end of the session, fell 1.3% for the week, but climbed 7.5% for the month. January Brent the most actively traded contract, rose 6 cents, or almost 0.1%, to $83.72 a barrel.
“The sharp rise in U.S. crude oil stocks and the expectation of nuclear talks being resumed with Iran have temporarily eased concerns about supply to some extent, leading to profit-taking,” said Carsten Fritsch, commodity analyst at Commerzbank, in a note. “This does nothing to change the tight market situation, however.”
The Energy Information Administration on Wednesday reported that U.S. crude inventories rose 4.3 million barrels last week.
Also Wednesday, Iran indicated that it plans to resume talks on the Joint Comprehensive Plan of Action, known as the Iran nuclear deal, which could pave the way for the removal of U.S. sanctions that were reimposed by the Trump administration after it pulled Washington out of the agreement 2018
Futures for the petroleum products finished Friday on a mixed note, with the November contracts expiring at the end of the session. November gasoline added 1.1% to $2.462 a gallon, down 0.8% for the week, but up over 9% for the month. November heating oil fell 0.8% at $2.496 a gallon, ending 1.7% lower for the week, but notching a monthly climb of 6.6%.
The OPEC+ Joint Technical Committee met on Thursday, ahead of the OPEC+ ministers meeting next week. One delegate told S&P Global Platts that the technical meeting went smoothly, and that “no major changes in [the] demand and supply picture” came up.
Bloomberg reported that the committee delegates said the global oil-supply deficit will be 300,000 barrels a day on average in the fourth quarter — smaller than the 1.1 million barrel daily shortfall shown in figures initially presented to the panel.
In other Nymex trading, natural-gas futures turned lower for the week after falling sharply Friday and Thursday on news Russian President Vladimir Putin told Gazprom to ship more natural-gas westward to European customers.
It is weather that will determine the next move in natural gas “as a cold start to the winter draw season could see prices continue to grind higher on bullish supply concerns, while more moderate temperatures will see stockpiles continue to rebuild in the weeks ahead,” said Tyler Richey, co-editor at Sevens Report Research.
December natural gas lost 6.2% to $5.426 per million British thermal units, with front-month contract prices down 0.6% for the week, losing 7.5% for the month.
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I was 100% sure he's talking about ethereumComment -
Nowadays you cant even get an Uber in some places thanks to the gas prices.Comment -
Supply and demand.
Economy(and ones across the world) open back up, and are in full speed ahead mode.
We could always just frack the ever living f*#k out of every piece of federal land, federal and state parks, oil wells for as far as the eye can see, oil rigs jampacked in the gulf and up and down the coast, even up in the great lakes, vast processing plants up and down every major river, all while making sure every employee in the chain of production and distribution is unionized and paid a top premium wages for their dedication to 100% US oil independency.
That would surely not cause a rise in pricing. By simple logic that Made-in-the-USA is superior, gas wouldn't be more than $1 a gallon.
I mean am I right, or am I RIGHT?
"The US is a marginal producer. While production costs have declined, they are still around the $30 to $40 per barrel level. The US is in a position where it is a dominant marginal producer. When the price of oil rises above production costs, the output can increase. When it falls below, the US can turn off production and import inexpensive crude oil from other nations.
In any commodity, the production cost is a critical factor when it comes to the fundamental supply and demand equation. Pricing cycles take prices above and below break-even output costs at times. Each leading producer has different requirements when it comes to prices, which makes a global analysis complicated and the worldwide break-even equation for crude oil an economic and geopolitical enigma."Comment -
When Biden gets shot.Comment -
Wow!
"...finding from the PRRI poll: More than two-thirds of Republicans, or 68 percent, continue to believe the 2020 presidential election was stolen from Donald Trump, compared to 26 percent of independents and just 6 percent of Democrats.
According to the survey, Americans who believe Trump won the 2020 election are roughly four times as likely than those who don’t to agree that violence may be necessary “to save our country,” by a measure of 39 percent to 10 percent."
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Biden caused the problem just like he caused the problem at the border
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Gasoline? Hell, I can just walk more. I still have to eat however, and I am wondering why the hell did I pay $10 for a freakin chicken at the grocery store yesterday.Comment -
January 20th, 2025Comment -
Who do you think is paying the expenses of the countless pennyless refugees Biden invited to the US? Of course we will be paying more for everythingComment -
Gas prices will decrease when democrats raise gas taxes for the 1,057,832th time.
Let's go brandon told me so.
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House Democrats propose gas tax hike to pay for transportation projects
1/22/2021
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Bought the WTI oil index when price was 63(barrel) now its in 80's. Sold some stake yesterday. 2-3 months price will be(should) lower more reasonable for the consumer, just my take.Comment -
You have the most anti American President in history in office. This asshole would rather get ripped off buying foreign oil than drilling here. Fuk Biden. Let's go Brandon however you want to say it. It's no coincidence that gas was very inexpensive under Trump. Trump 2024!!!!Comment -
First off, there's an puppet in the White House called Brandon. He's backed by an 81 year old wrinkled slime bag, who is surrounded by scumbags...
'THAT IS HILARIOUS'
Biden admin LAUGHS OFF question as surging gas prices drain Americans
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Prices don't go down while under Communism.
Best to plan now for an alternate source other than gasoline.Comment -
gas goin down when biden get out of officeComment -
Demwits did this and they dontt care because uncle sam pays their bills. It will go do when a Republican takes overComment -
Fmr. Keystone XL foreman rips Biden for considering shutting down another pipeline
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