Speculation drives the price. If speculation thinks supply will shrink then price goes up. It’s not rocket surgery Stevie Nick’s illegitimate kid.
OT - Gas Prices
- Thread starter nick614
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Speculation drives the price. If speculation thinks supply will shrink then price goes up. It’s not rocket surgery Stevie Nick’s illegitimate kid.
VERIFY
Gas price winter storm impact | Connect the Dots
Volume 90%
Author: First Coast News Staff, Casey Feindt
Published: 8:52 AM EST February 25, 2021
Updated: 4:10 PM EST February 26, 2021
JACKSONVILLE, Fla. — Have you noticed the price jump at the gas pump recently? You aren't alone.
The average cost for a gallon of gasoline in the United States is rising at a dramatic rate, according to data from Gasbuddy.com.
The average price of gas hit a three-year low in April of 2020 at just $1.74 a gallon with many people along the First Coast reporting prices closer to $1.
The pandemic kept prices relatively low until January 2021, when the average price started to spike again. Fast forward to the end of February and the average cost for a gallon of gas is now $2.70.
So what happened? Let's Verify.
RELATED: Oil and Gas Expert says gas prices may reach $3-4 per gallon by end of the year
Credit: GASBUDDY
The 36-month average price of gas in the U.S.
Claim #1: The cost of gasoline has risen so dramatically due to the cancellation of the Keystone XL Pipeline by President Biden.
What we know: During his first day in office, President Joe Biden signed several executive orders, including the axing of the construction of the controversial Keystone XL Pipeline.
Currently, there is a pipeline running from Alberta, Canada to Steele City, Nebraska. This pipeline is the already existing Keystone pipeline that sends 550,000 barrels of oil from Alberta to Steel City.
The 1,200-mile Keystone XL Pipeline was designed to mirror that, but instead, provide a direct route from the two cities and send 830,000 barrels a day.
RELATED: VERIFY: Yes, jobs lost from President Biden canceling Keystone XL Pipeline, but not as many as you think
So did the cancellation of the pipeline cause the spike?
Mariah Medina of KENS 5 spoke with Tom Tunstall, research director for the University of Texas at San Antonio’s Institute for Economic Development.
Tunstall has done a wide variety of research on oil and gas in his near-decade with the university. He said while prices at the gas pump are climbing, it’s independent of Biden’s decision.
"If oil prices go to $4 a gallon, it will be for other reasons than the fact that the keystone isn't under construction,” Tunstall explained to KENS 5.
Medina also spoke with Jaime Court, the president of the non-partisan group Consumer Watchdog. Court said the move could potentially lower gas prices by providing security to the Midwest refiners knowing that the portion of the pipeline that's being used now can be used exclusively in the future. Court says the confidence could lower gas prices in the short term
Click to find out more about a new promotion
https://www.sharethrough.com/privacy-center/consumer-privacy-notice
VERDICT: The cost of gasoline is not likely due to the cancellation of the Keystone XL Pipeline by President Biden.
So what exactly is causing the spike in fuel prices at the pump? Experts say it boils down to two things: winter weather, and supply and demand.
According to GasBuddy, the price of gas has already been impacted as millions of barrels of refining capacity have gone offline due to the extreme cold in the South.
“The quicker the affected refineries are able to come back online, the better, and perhaps less painful for motorists than if they remain out of service for even longer,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“Oil prices have continued to rally as global oil demand recovers from the worst of the COVID-19 pandemic, and now the extreme cold weather shutting refineries down, us motorists just can’t seem to catch a break. We probably won’t see much, if any relief, anytime soon.”
VERIFY: Is recent spike in gas prices caused by President Biden canceling Keystone XL Pipeline?
According to GasBuddy, the national average price of gasoline may jump 10-20 cents per gallon in the coming weeks.
Gas price winter storm impact | Connect the Dots
Volume 90%
Author: First Coast News Staff, Casey Feindt
Published: 8:52 AM EST February 25, 2021
Updated: 4:10 PM EST February 26, 2021
JACKSONVILLE, Fla. — Have you noticed the price jump at the gas pump recently? You aren't alone.
The average cost for a gallon of gasoline in the United States is rising at a dramatic rate, according to data from Gasbuddy.com.
The average price of gas hit a three-year low in April of 2020 at just $1.74 a gallon with many people along the First Coast reporting prices closer to $1.
The pandemic kept prices relatively low until January 2021, when the average price started to spike again. Fast forward to the end of February and the average cost for a gallon of gas is now $2.70.
So what happened? Let's Verify.
RELATED: Oil and Gas Expert says gas prices may reach $3-4 per gallon by end of the year
Credit: GASBUDDY
The 36-month average price of gas in the U.S.
Claim #1: The cost of gasoline has risen so dramatically due to the cancellation of the Keystone XL Pipeline by President Biden.
What we know: During his first day in office, President Joe Biden signed several executive orders, including the axing of the construction of the controversial Keystone XL Pipeline.
Currently, there is a pipeline running from Alberta, Canada to Steele City, Nebraska. This pipeline is the already existing Keystone pipeline that sends 550,000 barrels of oil from Alberta to Steel City.
The 1,200-mile Keystone XL Pipeline was designed to mirror that, but instead, provide a direct route from the two cities and send 830,000 barrels a day.
RELATED: VERIFY: Yes, jobs lost from President Biden canceling Keystone XL Pipeline, but not as many as you think
So did the cancellation of the pipeline cause the spike?
Mariah Medina of KENS 5 spoke with Tom Tunstall, research director for the University of Texas at San Antonio’s Institute for Economic Development.
Tunstall has done a wide variety of research on oil and gas in his near-decade with the university. He said while prices at the gas pump are climbing, it’s independent of Biden’s decision.
"If oil prices go to $4 a gallon, it will be for other reasons than the fact that the keystone isn't under construction,” Tunstall explained to KENS 5.
Medina also spoke with Jaime Court, the president of the non-partisan group Consumer Watchdog. Court said the move could potentially lower gas prices by providing security to the Midwest refiners knowing that the portion of the pipeline that's being used now can be used exclusively in the future. Court says the confidence could lower gas prices in the short term
Click to find out more about a new promotion
https://www.sharethrough.com/privacy-center/consumer-privacy-notice
VERDICT: The cost of gasoline is not likely due to the cancellation of the Keystone XL Pipeline by President Biden.
So what exactly is causing the spike in fuel prices at the pump? Experts say it boils down to two things: winter weather, and supply and demand.
According to GasBuddy, the price of gas has already been impacted as millions of barrels of refining capacity have gone offline due to the extreme cold in the South.
“The quicker the affected refineries are able to come back online, the better, and perhaps less painful for motorists than if they remain out of service for even longer,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“Oil prices have continued to rally as global oil demand recovers from the worst of the COVID-19 pandemic, and now the extreme cold weather shutting refineries down, us motorists just can’t seem to catch a break. We probably won’t see much, if any relief, anytime soon.”
You might want to go back and add in Jan-Mar for 2015 and 2021 (or just do Apr-May for 2018-20) if you want to start trying to make intelligent comparisons.
| Jan | Feb | Mar | Apr | May | |
| 2015 | 291,042 | 266,272 | 297,150 | 289,842 | 293,918 |
| 2016 | 285,279 | 262,892 | 281,744 | 266,126 | 273,848 |
| 2017 | 275,081 | 255,027 | 284,965 | 273,444 | 285,439 |
| 2018 | 309,948 | 287,302 | 325,146 | 314,891 | 324,159 |
| 2019 | 367,286 | 326,272 | 368,867 | 363,737 | 376,362 |
| 2020 | 396,329 | 371,949 | 397,298 | 357,344 | 301,045 |
| 2021 | 342,747 | 273,646 | 345,946 | 334,517 | 348,149 |
You guys are late to the party, this discussion already happened for the last 5 pages of this thread so go back and read if you want.
And just like Biden you are making strawman arguments for why he didn't **** up.
No one here claims shutting down XL pipeline is why the prices are higher. I gave many reasons why in this thread.
I also gave you the 6 month averages of oil production so we can compare to what we have now and what we have now is 33% of the production we had under Trump.
That is a fact, the numbers are the numbers.
You can continue to make strawmen and ignore the numbers and close your eyes and enjoy the next however long Biden has before he is gone because like Trump he is at most a 1 term president.
And just like Biden you are making strawman arguments for why he didn't **** up.
No one here claims shutting down XL pipeline is why the prices are higher. I gave many reasons why in this thread.
I also gave you the 6 month averages of oil production so we can compare to what we have now and what we have now is 33% of the production we had under Trump.
That is a fact, the numbers are the numbers.
You can continue to make strawmen and ignore the numbers and close your eyes and enjoy the next however long Biden has before he is gone because like Trump he is at most a 1 term president.
That's so idiotic. If it didn't matter why did Biden shut down the construction. The free flow of the product helps liquidity. Pipelines are infrastructure and this moron wants to pass $trillion+ infrastructure bills.
He's killed jobs and increased reliance on govt.
Strawman followed by non-sequitor.
All I was saying is that the price of oil is determined by a lot of factors, its not just supply and demand. Biden could release some of our strategic reserve but I'm not sure it would make a ton of difference in the price of oil right now.
Lot's of Americans work in the oil sands. I agree with cutting out China as the end goal, but the US has a decent sized stake in the oil sands.
I still don't agree with the pipeline. Do you think any foreign company is actually going to maintain the pipeline that runs right through the heartland? It will be spun off as it's own corporation and when it leaks, that company will go bankrupt and nobody will be on the hook to pay for it. The US Govt (the taxpayer) will then have to foot the bill. We have enough oil already in this country that we don't need to be subsidizing Canada's oil production process and risking our own natural resources.