Where do we expect gas prices to be later this month, now that election is over?

[GunsMadeAmericaFree]

I've been watching as crude oil prices seem to be slowly going up. Now that Biden has pretty much exhausted the strategic oil reserve in an attempt to artifically keep the price of gasoline down until after election day, where do we see gas prices one month after election day?

Not only will the strategic oil reserve need to be refilled, (creating more demand), but opec also announced supply cuts starting this month.

State average prices vary by quite a lot:

AAA Gas Prices

So, one month from election day, where do you see gas prices being?

 

[Fanatical Meat]

Lower, oil companies like Republicans and I suspect the oil increases that seem to always happen leading up to an election support this statement.

 

[MomentsofSanity]

Oil prices have nothing to do with US politics.

 

[Pens1566]

Lower, but not by much. They never decrease as fast as they rise.

 

[Indus]

I wish we'd just stop being held hostage by OPEC and make electrical vehicles and trucks.

Combine all our gas expenditures and its pretty clear we pay Saudis a fucking fortune.

We may have a few allies in the UAE and Qatar but not enough to reduce our demand from the Saudi's and before anyone says we can make our own oil.. there's a reason why the US is the biggest exporter of oil and still needs to import from the saudis..

Oil viscosity determines where it can be used and we don't have the kind that goes in cars and trucks.

 

[Ken g6]

The US can surely use our own oil to make gasoline. FCC cracked that problem long ago. (Not that FCC, the other one! ) Though it takes extra energy, and might require building new refineries.

But, yes, EVs are generally better, if we can set up enough charging stations for road tripping.

 

[HomerJS]

Maybe someone who has an understanding of the world market can explain...

Oil prices are on paper we don't exchange barrels of oil. AFAIK the US produces enough oil to be self sufficient. Could we remove ourselves from the world markets and just use what we produce?

Is that not possible because the oil companies will go to whoever gives them the best price/bbl? Is it too risky because of something happening to our supply?

 

[brycejones]

What a weird OP

 

[UNCjigga]

Depends on how much longer the traitorous GOP and their Russian and Saudi pals wanna hold Americans (and the world) hostage for political gain.

 

[Captante]

So, one month from election day, where do you see gas prices being?

My guess is they rise slightly in the short-term but that long-term they'll come back to earth. (I chose "rise 25 cents" in poll.)

Countries that rely on oil-production for their entire economy can't afford to "grease the skids" of EV and solar adoption too much.

 

[nickqt]

I've been watching as crude oil prices seem to be slowly going up. Now that Biden has pretty much exhausted the strategic oil reserve in an attempt to artifically keep the price of gasoline down until after election day, where do we see gas prices one month after election day?

Not only will the strategic oil reserve need to be refilled, (creating more demand), but opec also announced supply cuts starting this month.

State average prices vary by quite a lot:

AAA Gas Prices

So, one month from election day, where do you see gas prices being?

"Pretty much exhausted".

What do those words mean to you?

 

[Captante]

In the beginning of Sept I believe we were sitting on roughly 450 million barrels in reserve? (down from 640 million)

Could be wrong.

 

[Bitek]

IDK, but demand for copium seems to be exploding

 

[iRONic]

Exhausted, OP?!

You're a dumb ass.

With over half of the Strategic Petroleum Reserves still available — over 400 million barrels — the White House will prepare for future releases should the need arise in the coming months.

 

[dawp]

Exhausted, OP?!

You're a dumb ass.

With over half of the Strategic Petroleum Reserves still available — over 400 million barrels — the White House will prepare for future releases should the need arise in the coming months.

was probably repeating what ever right-wing source he goes to without thinking, like that fool watters on fox who just basically said young women need to get married so they vote republican.

 

[dullard]

Here is data to continue this "exhausted" discussion:

U.S. Ending Stocks of Crude Oil in SPR (Thousand Barrels)

www.eia.gov

Sure, the oil reserves are down sharply. But, there is plenty left at the moment and a pledge to fill the reserves back up at a fairly high price (an oil price floor) to encourage more drilling.

 

[manly]

Maybe someone who has an understanding of the world market can explain...

Oil prices are on paper we don't exchange barrels of oil. AFAIK the US produces enough oil to be self sufficient. Could we remove ourselves from the world markets and just use what we produce?

Is that not possible because the oil companies will go to whoever gives them the best price/bbl? Is it too risky because of something happening to our supply?

Currently, no. American refiners in different areas expect a certain type of crude oil (they aren't all equivalent). So for now, we still need to participate in oil imports, and obviously we can also sell off what we don't need.

 

[vi edit]

Oh so is this the weather balloon for a new GOP bleating point? Biden exhausting our oil reserves? K.

 

[MrSquished]

was probably repeating what ever right-wing source he goes to without thinking, like that fool watters on fox who just basically said young women need to get married so they vote republican.

By now people like him know it's all bullshit. It's all they do This is why they're bad people. They purposely like to be walking lies and help deliver the misinformation that is bringing this country down. They are messengers for the worst of the worst and they ignore reality on purpose. Horrific

 

[pmv]

My guess is they rise slightly in the short-term but that long-term they'll come back to earth. (I chose "rise 25 cents" in poll.)

No idea about this, either way.

Countries that rely on oil-production for their entire economy can't afford to "grease the skids" of EV and solar adoption too much.

But this is clearly true - the Saudis like high oil prices, but not so high that it causes an increase in investment in alternatives.

 

[Drach]

I hope they skyrocket to the moon to get infrastructure in place for electric cars and trucks. Oil needs to be phased out soon. The countries that have an exorbinate amount crude are people that we shouldn't be doing business with.

 

[tweaker2]

Sure going to be fun watching the Saudi's see the value of their oil sink to pre-embargo levels. Wishful thinking I know because our USA oil barons won't let that happen any time soon. There will come that day though and much quicker if the Democrats can manage to stay in power, push forward renewable energy alternatives and pack the SCOTUS with judges who put America first rather than kneeling to those corporate corrupters who lurk in the shadows of whom own and operate those totally corrupted conservative judges now sitting in that court.

 

[FelixDeCat]

We are going back to $5 because of Biden's risky schemes.

 

[JWade]

oil companies do not set the price of oil, stock market does. of course when the price per barrel is high they are going to make huge profits, they dont set the price though, but they do sell it at those prices.

i expect prices to go up, especially when the president said the day before elections "no more dilling" not a right-wing talking point, his words. i expect them to go up about 50 cents. already seen them go up 20 cents in quite a few places after he made those remarks. will affect more than gas prices. heating oil prices in the northeast will be higher as well.

 

[Pohemi]

oil companies do not set the price of oil, stock market does. of course when the price per barrel is high they are going to make huge profits, they dont set the price though, but they do sell it at those prices.

Okay Mr. Statistician.