Want PROOF of gas price gouging??

[Roland99]

Link to tweet

Want proof that gas price gouging is underway? Compare oil and gas prices over the last 20 years.

Painfully obvious that #PriceGouging is underway

Oil is WELL BELOW the pre-Great Recession peak and WELL BELOW Obama’s first term yet #gasprices are at record highs!

Oil




Gas



Charts from:
https://www.macrotrends.net/futures/gasoline

[bringthePaine]

1. easiest surmise ever, but good to see the awful proof!

[Emile]

2. I need to drive to town today and buy diesel for my tractor. $5.40 + per gallon,

I have never paid that much before.

[Roland99]

3. Near Orlando it's 4.29-4.49 for 87 octane gas

Never been anywhere near this

[RicROC]

9. In Rochester NY, gas $4.49/ diesel $6.19

[Emile]

11. $6.19 PG. OUCH!

[dsc]

26. I thought farmers used special tax exempt diesel

[Crowman2009]

4. As if I needed another reason to buy either an electric or hybrid car.

[3Hotdogs]

7. My hybrid Hyundai is getting 45 per gallon.

Seems to do better in summer and on hills.

[Delphinus]

19. Do your research

before heading down the electric car path. Truly.

[Crowman2009]

21. Yeah, I'm leaning towards hybrid since their isn't enough charging stations...

...and not enough range either. Plus it takes an hour to charge. I'll also check out fuel cells as well.

[Takket]

5. It's gone up about another fifty cents in Michigan the last week or so

For no apparent reason. Biden put more reserve oil in the market. So why does the price keep climbing???

[Emile]

8. Predatory Capitalism is who to blame for inflation!

Their goal is to make Biden look bad and reinstate their puppet Donald Trump.

[Maggiemayhem]

10. Exactly

They are trying to destroy Biden and are destroying the country in the process.

[Rebl2]

23. ABSOLUTELY

THE REASON!

[Midnight Writer]

20. Jumped $.76 per gallon here in IL last week. Paid $4.89 3 days ago.

[Norbert]

6. The only argument they even have of the higher gas prices

is many states took advantage of lower gas prices to raise the state's gas tax on gasoline but the added tax in most cases does not cover the increase.

[jaxexpat]

12. Haven't you heard? The USSC overturned the law of supply and demand. All very legal and complex.

[MichMan]

13. That may be, but my car doesn't run on a barrel of crude oil

It needs refined 93 octane gasoline.

[mahatmakanejeeves]

17. Thanks. The steps in between add to the cost.

But we'll ignore them here.

[dsc]

27. oil company profits have doubled

yes, some of the increase is passed on costs but when profits double that means price gouging is going on.

[Roland99]

18. Ok. And?

[Botany]

14. Oil giant Shell reports highest quarterly profit since 2008 on soaring commodity prices

Shell’s results follow soaring profits seen across the oil and gas industry, even as many energy majors incur costly write-downs from exiting Russia.
U.K. rival BP on Tuesday announced plans to boost share buybacks after first-quarter net profit jumped to its highest level in more than a decade.
Shell reported a sharp upswing in full-year profit in 2021 on rebounding oil and gas prices, with CEO Ben van Beurden hailing it as a “momentous year” for the company.

https://www.cnbc.com/2022/05/05/shell-earnings-q1-2022.html

[AllaN01Bear]

15. but the rs blame it on " fixed " costs , ie drilling , etc. hog wash. bah humbug,

[IronLionZion]

16. The fracking/shale revolution brought down prices fast in 2014

many of the American drillers have decided to not ramp up production. Oil companies want prices to stay high.

When prices shot up in 2010 I started driving 600 miles a week in city traffic. Then as soon as I got a better job without that much driving in mid-2014, prices dropped like a hot potato. So maybe it's my fault as the universe likes to spite me personally.

[Ferrets are Cool]

22. Oil oligarchs: We can charge whatever we want. Whatcha gonna do about it?

[Rebl2]

24. EXACTLY

[TheRealNorth]

25. Yup

I think if we are going to win in November, there needs to be a villain to blame for inflation. Oil Execs are that villain because they are, in fact, a huge part of the reason for inflation continuing.

[nitpicker]

28. Historically in the US, one could use raw oil prices

To guesstimate what the price should be at the pump.

As far as I saw, this was "take barrel and divide by 25".

With a price of $106, this would give $4.24.

The cheapest I saw today in northern VA was 4.69, the highest regular 4.89.

Ka-Ching!