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GAS PRICES MAY TAKE SOME TIME TO COME DOWN:

That’s because the wholesale price of oil jumped as refiners tried to stock up on their supply. They paid high prices for this crude oil and those prices will be passed along to customers, even if future oil shipments are lower.

Source: Wall Street Journal
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HumanEarth · F
I've been waiting for 50 years for 48 cents a gallon
If anything I say this statement is wildly optimistic. If the covid supply chain dramas taught us anything is it that a shortage represents a profit opportunity for the big corporations. I predict that when prices do return to "normal", it will be higher than normal was before..😷
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sunsporter1649 · 70-79, M
You are upset by high gas prices?
JSul3 · 70-79
@sunsporter1649

Factors Driving the Increases: Economists point to a combination of domestic and global factors:

Pandemic Aftershocks: Global supply chain bottlenecks and factory shutdowns.

Fiscal Stimulus: Massive government spending, including the $1.9 trillion American Rescue Plan in March 2021, which increased consumer demand.

Geopolitics: Russia’s invasion of Ukraine in February 2022, which caused a global spike in energy and food prices.

Housing & Labor: A shortage of available homes and rising wages in service industries contributed to sustained "core" inflation.

Impact on Everyday Costs by the end of Biden's term, the cumulative impact on specific categories was substantial:
Groceries: Up over 22%.
Gasoline: Up over 30% (peaking at a record national average over $5.00 in 2022).
Rent: Up over 24%.
Electricity: Up over 28%.

It's now 2026.
Trump promised new healthcare plan. Where is it?

Trump vowed to end the war in Ukraine. What happened?

Trump promised to cut energy prices in half within 12 months.
How's that working out?

His tariffs have raised prices for consumers and his attack on Iran certainly hadn't helped. It's made it worse.
sunsporter1649 · 70-79, M
@JSul3 LOL, so sky-high gas prices were acceptable under the previous administration, eh. Why the sudden shift in priorities?
JSul3 · 70-79
@sunsporter1649 Never said that.
Gas prices were just fine until your "Fake Jesus Doctor" decided to start a war with Iran.

So what say you now?
Such BS. The US are stealing Venezuela oil for free right now.
JSul3 · 70-79
@SoftIceCream Are you aware that US consumers do not use the oil from Venezuela?
@JSul3 Did you see the notice that Chevron is now processing it? You telling me Chevron in USA is not using their own gas? Highly doubt that.
JSul3 · 70-79
@SoftIceCream

"It's far too early for any measurable impact on what consumers are paying at the pump — whether prices go up or down — as it would likely take years to see a meaningful increase in oil output there," wrote Patrick De Haan, head of petroleum analysis at GasBuddy, in their weekly price update.
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