Gas prices have reached all-time highs this year which has left a lot of people asking questions: Why are gas prices so high? When will gas prices come down? Will gas prices ever come down? In this video I explain why prices are so high and also why gas prices are actually going to be much lower in the future.
Leave me a comment and let me know your thoughts.
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10 Comments
Any discussion on gas prices that's fails to state the price of gas started to rise on 1 specific date, the election. The graph using GasBuddy information shows gas was going down and the day bidne won has shot up ever since. And now that Biden is sending our our to China we will see it rise.
Gas was already climbing highly before the Russians invaded Ukraine
Really informed video. Thank you Dave.
Now if only lumber prices would start droping, we can honor the permits that are on hold.
I'm not optimistic about how this turns out over the long run. You're chalking this up to a decrease in demand being caused by no one being able to afford to travel. Winter ain't far off. Demand will be back up because people aren't going to freeze to death if they can keep from it. Energy prices will go back up. It's all part of their stupid Green New Deal design. Lower prices a little bit now, but you just wait.
I was just having this conversation a few days ago. I didnt think about the idea that OPEN would want to ensure alternatives are unattractive and work to reduce prices. good thought.
Another factor. WHile gas prices (pump prices) are clearly affected by oil prices, the situation in the USA is dangerous. The average consumption of gasoline in the USA Is 97% of combined refinery capacity (NYTimes article). so any hurricane or maintenance or accident which takes a refinery offline could easily push us into a situation where we consume more than we produce. Of course this will be take full advantage of by the oil companies, and I suspect we will see some kind of "problem" in the near future which will work to stall or reverse the recent declines in pump prices.
Look into the history of refineries and when the last new one was built in the USA and what happened a few years ago when a company wanted to build one in the Bakken area to refine without long distance piping. NIMBY….
Keep this up. Also, you have some great graphics. the oil field reserves in the USA was particularly interesting.
Pump gas in my area has dropped 40 cents in the last 2 weeks, so let's hope it is this trend.
Great info and I think your spot on . Truthfully the sooner we get into the recession the better. Things are just out of control. Food materials etc etc
And I'll see YOU
on the next one.
I agree with your take, makes sense except the rise in the price isn't due to "the war in Ukraine" as much as it is a result of our (and Europe's) reaction to the war. In a similar way people blame Covid for all kinds of financial issues but it wasn't the outbreak so much as the reaction to it. I read that wholesale oil has dropped something like 22% in the past few weeks while at the pumps it only dropped about 4%. It always rises immediately as wholesale goes up but drops "like a feather" when wholesale goes down.