Rates are crashing and fuel to the moon!

3.93 a gal with mudflap here in Nebraska. I topped off yesterday before parking for the weekend fearing the price will be higher by Monday lol.

 

$5 in Yakima, WA already.

just wait till oil hits $200.

 

One helluva road trip for sure! Beautiful scenery brother!!

 

Because the surplus is sold internationally, the price in the USA should/could stay the same.
There was an abundance of oil production in the US prior to 2015

Crude Oil Prices (1946-2026)

From "pillsburylaw.com" "On December 18, 2015, the President signed into law the massive Consolidated Appropriations Act of 2016, H. R. 2029, which previously passed both Houses of Congress with large bi-partisan majorities. An important part of this act is a provision that repeals the 1975 law that generally prohibited the export of crude oil produced in the United States."

Yes I agree with the Free Market until it becomes price gouging. If the industry makes a profit at $65 per barrel, raising that price with no production cost increase, is price gouging. Especially when the price per barrel is raised $30 a barrel in a few days before any market conditions can affect the oil produced in storage.

Free Market? With the Middle East oil so cheap to produce, why isn't the price in the USA lower.

from "oilprice.com"
The research includes a detailed global cost-of-supply analysis for remaining liquids resources, split into producing and not-yet-producing fields. The not-yet-producing fields are further divided into different supply segment groups. The report found that onshore Middle East is the cheapest source of new production, with an average breakeven price of just $27 per barrel. This segment also boasts one of the most significant resource potentials. Offshore shelf is the next cheapest ($37 per barrel), followed by offshore deepwater ($43) and North American shale ($45). Conversely, oil sands production break evens average $57 per barrel, but can go as high as about $75.

Price gouging,
the action or practice of overcharging customers for something by sharply increasing its price, especially in order to take advantage of sudden high demand

Why did the local price for gasohol E-85 increase $0.40 per gallon overnight?

 

Because it could. Price gouging isnt a thing. Higher prices are a normal market function. You don't get to set prices or determine how much profit is too much. The market determines that. Whatever price the industry makes a profit at on a barrel of oil is irrelevant. Whoever has the greatest need and is willing to pay the most gets the oil. There's no smoke filled room of globalists deciding to hike prices. And the solution to high prices is.. high and higher prices. It'll correct itself. We've seen these kind of price spikes multiple times the past 25 years from wars & storms this is nothing new.

 

Yes there is. Its called OPEC.
I do agree with the premise of your post.
Sometimes I dream out load.

 

I’ve always heard that oil price is determined by futures prices. Oils $93 barrel already. That oil has already been produced. It’s selling at the price to replace it, based on financial markets futures speculation.

 

That's funny. OPEC doesn't set or determine the price of oil. They can and do affect it but they don't set it. They're a weak organization of countries that don't even stick together with the agreements they come up with.

 

In the 70s they were far more influential than now as I recall.

 

Not much different them setting the price or them setting production that sets the price. I know either way we won't see lower fuel prices soon.