America barely uses Middle East oil. So why did gas prices rise?

[Yo_Mama_Been_Loggin]

In a speech to the nation on April 1, President Donald Trump spoke of the Iran war, and the contest for control of the Strait of Hormuz, as if their outcome had little bearing on the market for oil and gasoline in the United States.

“The United States imports almost no oil through the Hormuz Strait and won’t be taking any in the future,” Trump said. “We don’t need it. We haven’t needed it and we don’t need it.”

-snip-

Why did the Iran war raise gas prices here?

America produces more than 13 million barrels of crude oil a day, as of January. We export more oil than we import. But we also consume a lot of oil, and we import about 6 million barrels a day. Only a small fraction comes from the Persian Gulf.

-snip-

“It’s a global market,” said Mark Zandi, chief economist of Moody’s Analytics. “So, oil literally flows to the highest price. If a tanker can get a higher price in Malaysia than it can in Rotterdam than it can in Rio de Janeiro, it’s going to go to Malaysia.”

https://finance.yahoo.com/sectors/energy/articles/america-barely-uses-middle-east-200203727.html

In other words, corporate greed. Why refine the oil we produce when they can get more on the international market.

[dlk]

1. Price gouging is a time-honored American tradition

When there’s a will, there’s a way.

[magicarpet]

2. Just wait until the quarterly profit statements,...

... for the petroleum industry come out for shareholders,... it will be a skyrocket trajectory increase off the charts.

[Hey Joe]

3. I know, I know!!!!

I think we all know.
The first thing we all thought was……..
American corporate greed.

It’s getting to be the answer to far too many questions about our economy and affordability.

[gordianot]

4. All oil no matter where it is produced goes to market

Supply and demand rules the price.

[slightlv]

5. Greedflation...

love of money is devastating to everything and everyone around. And you can't even blame it on the "love" of money. Amassing as much money and things as one can is an addiction... just like a drug addiction... only in a lot of ways, a lot more hurtful to more people.

Getting rid of trump and everyone he's placed in any and all departments, cabinets, etc., is absolutely of prime importance for the sanity and recovery of the U.S. and the world. But equally as important is a rethink of our laws and social contracts (with enforcement mechanisms). People, no matter who they are, should have a MAX wage (or income level), rather than a minimum wage. Cut out the billionaires, millionaires, and (now) trillionaires. Pass that excess money around in social programs that benefit everyone in the country. Everything from libraries to subsidies on groceries, meds, etc. We're gonna have SO much work to do once we regain this country... I seriously doubt I'll be here to see it to the end, but I wish I could experience the renaissance that comes after these black days of the new Dark Ages.