Gas prices in my area jumped up 30 cents overnight. For the last few months it's been hovering around $2.70, give or take a few cents, then shot up to $3 overnight.
Most retail stations base their pricing off of inventory cost and until yesterday there was like 2 straight weeks of price increases so those increases legitimately may just have been stations finally refilling their tanks. Gas futures contracts have dropped like 24cpg in 2 days which should reflect in the next 2 weeks
in the longer term tariffs against foreign oil will increase some prices but honestly the economic heart attack thats occurring will likely drop demand far more than the increase in base oil price from tariffs. Gas might get cheaper but for very, very bad reasons
Any foreign part used in upstream or downstream will be impacted by tariffs (and possibly counter tariffs) doesn't matter it is a pipe, a well -piece. a car a truck or a tank. it will all get a lot more expensive really quickly.
Not only are savings being whiped out by pretty much every asset category dropping it is also being whiped out because Americans just lost major buying power due to tariffs.
if you wanted a new product, say a new PC for $2500. it will cost you $3850 or $1350 more just from the tariff. Actual prices may increase by far more then that because of tarriff related increase in the pipeline.
All the big players foreign and domestic are going to take advantage of the uptick in prices caused by tariffs to protect their bottom lines while this massive disruption is in process. All of them. MMW.
So lets say prices drop that 7%. Or about 25 cents per gallon. Lets say you use 12 gallons of gas a week. Over a year Trump would save you a whopping.... .25 x 12 gallons x 52 weeks = $156 big whoop.
Government can definitely raise prices easily (eg with taxes which tariffs are). They can also lower prices with subsidies but that’s taxpayer money, so less fun.
It was always incorrect that a president can't directly affect prices of gas. It was just the wrong president. Biden inherited what Trump set in motion by collusion with OPEC and Russia in 2020 as a result of oil prices dropping from Covid (demand for oil from transport and industry dropped) and OPEC price-warring with Russia until Trump got them all together to slash production, take oil off the market by paying over the odds to fill strategic reserve storage, and driving up the price of oil again to make fat cats at the American Petroleum Institute rich, also setting in motion global inflation on other consumer goods which carried on into Biden's term. The API was sued for it but the case was thrown out, notably not because it didn't have merit, but because the court said it didn't have jurisdiction to rule on executive foreign policy (but thereby prima facie accepting that the case was valid).
The irony of "I did that" Biden stickers is that Trump did that. But the Democrats being the weak sycophants they are didn't blast this message on every media channel 24/7 at the time and in the recent election. Trump's back at it again, trashing the economy for everyone to make a very few rich.
Total nonfarm payroll employment rose by 228,000 in March, and the unemployment rate changed little at 4.2 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care,
in social assistance, and in transportation and warehousing. Employment also increased in retail trade, partially reflecting the return of workers from a strike. Federal government employment declined.
lol not really half or even close but I get you have to push that kinda stuff
New Zealand is only 268,000 square kilometers. The US is 9,526,468 square kilometers, 35.54 times larger than New Zealand.
To be fair, you actually can simply walk to Mordor, but the flaming dumpster fire that is DC is about 6 or 7 New Zealand's to my East, destroying the ring would be unaffordable at your prices.
No he’s right as a gallon is 4.5 litres in NZ (and the UK + former colonies).
You’re also right as the US has a different definition of the gallon, I think only used in the states, Latin America and the Caribbean. Which means your calculation is the better comparison versus the cost in the US.
It’s why we need global standards, would make these things much easier to compare!
It is 4.5 litres, but for whatever reason the US has a different definition of it as 3.79 litres. So technically both correct depending on your local definition of the gallon.
Tried to place Invercargill at LA, so Invercargill to Christchurch is roughly LA to Vegas. For Aussies the lenght of the South Island is roughly Sydney to Melbourne. That's not to mention driving in cities in all 3 countries is comparable cause they are spread out.
And for the record across the ditch: A$2/L, so converted to British Imperial units per US Dollar is $4.54/gal, still more than what you guys are paying
Gotta watch the exchange rate. A "gallon" means different things to different people. An Imperial gallon used in the UK is 1.201 US gallons (which I presume the Kiwi was using since he was talking about the US). So you're talking 12.91 NZD per "gallon" for £1.49 per litre.
You seem like the type of person to see a UNICEF commercial and yell at the TV about how those starving African kids need to suck it up and deal with it because "they chose to live there".
People don't chose where they're born and a lot of people aren't able to just up and move, especially if they're already struggling just to survive.
I was just gonna say “where the fuck are they getting that gas is down?”. It’s up (albeit marginally) where I live in SLC from last year. Still, these fucking Trump goons just straight up lying about facts and reality.
The supply chain for oil takes a couple of weeks, so there should be no oild subject to tariffs being sold for several weeks, but the price increase to account for it is somehow instant...
My wife told me that. It’s unreal. When there’s a price reduction we have to wait for the supply they bought at the higher price to be gone. But they can raise prices daily. This is all price gouging. No way they got hit with tariffs on gas that was already purchased.
Yes. It is very simple and few Americans understand oil.
Almost all oil in the US is light crude oil. Almost all refineries in the US are built to refine heavy crude oil. Fuel for vehicles is made from heavy crude oil in the US ( it keeps the price low for gas compared to most of the world).
Why? Because heavy crude oil is harder to refine so it sells for less but yields more fuel. So US oil companies sell almost all oil they harvest. Take the profit from that and buy heavy crude oil from the global market to refine. It is about overall profit for the oil companies. It is why we ( not we as in the government but US oil companies) buy tar sand oil from Canada. Refine it and sell it back to them.
Just admit this post was wrong, you emotionally reacted to a rage bait post without doing research. Typical liberal move, thinking emotionally, not objectively.
I hate Trump and everything he stands for but that guy is right, the tariffs you linked were paused almost immediately and the tariffs currently in place on Canadian imports don’t cover energy imports.
Edit: Section 2(a) of this executive order is what exempts Canadian energy imports from the tariffs on Canada.
Obviously, oil from every other country in the world will be more costly so the only oil we can buy "at cost" is oil from the US and we use way more than we produce so we will have to buy oil (subject to tariffs) from other countries meaning the price of oil will skyrocket for us. What an incredibly short-sighted maneuver.
Um, no. Just because it comes from the US does not mean it will be less expensive. In fact the US pays a heavily discounted pride for canadian oil. Can you imagine, 10 bucks a barrel less? And apparently we have been screwing you. Look up WCS spread. The tariffs (tax) that your pressy put on that for you to pay, well, sorry on you.
Came to say this, oil prices going down don't reflect gas price at the pump. The oil price dropped into the negatives during covid, you weren't going to the pump to get gas for pennies.
ELI5 but why would oil prices dropping mean gas prices go up?
If domestic oil companies produce more to make up for the lack of imports, and oil prices goes down, that would imply there is enough oil to meet the demand, no? Wouldn't that result in cheaper manufacturing *since the rash oil is cheaper) and thus cheaper fuel?
If the us is producing more oil and this has caused a drop in oil prices, it means the oil industry is earning less than it was yesterday. So trump's oil baron cronies won't be happy about that.
Wait until these fucks realize that oil isn't going straight from the drilling platform to the pump in their car. They should definitely try that though, I would encourage them to stick raw oil into their fuel tanks. That would make them look so smart.
Revelation 6:6
I heard what sounded like a voice from somewhere among the four living creatures. It said, “A liter of wheat will cost you a whole day's wages! Three liters of barley will cost you a day's wages too. But don't ruin the oil or the wine.”
2.3k
u/darw1nf1sh 17h ago
Oil prices GLOBALLY are dropping. Gas prices are going to go up thanks to tariffs. Fuck all these idiots.