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

[vi edit]

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.

I get that supply and demand is a difficult concept.

Weiterleitungshinweis

Saudi's and Russia opened the spigot on production in early Covid to choke out US companies.

 

[Brainonska511]

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

And what schemes are those? Please be specific.

 

[Brainonska511]

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?

As of mid-October, the SPR still had 400 million barrels of oil - I'd hardly call that exhausted. And why shouldn't the SPR be used to slow the rise in the price of gasoline when foreign countries are trying to manipulate prices to benefit themselves in a US election? We're using the reserve as intended - to protect ourselves from supply shocks purposefully or accidentally introduced through outside events or actors.

Personally, I'd be happy to see a general rise in gas prices, if only to act as a market force to get people to drive more fuel efficient vehicles in the long run or choose better modes of transportation. However, I also understand that the general politics of this country demand cheap gasoline for transportation purposes.

 

[hal2kilo]

No vote. I can't predict the future any better than the talking heads on money shows.

 

[manly]

Oil prices are set by the "stock market" LMAO.

As of mid-October, the SPR still had 400 million barrels of oil - I'd hardly call that exhausted. And why shouldn't the SPR be used to slow the rise in the price of gasoline when foreign countries are trying to manipulate prices to benefit themselves in a US election? We're using the reserve as intended - to protect ourselves from supply shocks purposefully or accidentally introduced through outside events or actors.

Personally, I'd be happy to see a general rise in gas prices, if only to act as a market force to get people to drive more fuel efficient vehicles in the long run or choose better modes of transportation. However, I also understand that the general politics of this country demand cheap gasoline for transportation purposes.

Over the long run, sure. But in the near term (say under 1-2 years), BEV supply is constrained by batteries, and prices are sky high. So at this time, $7 gas isn't going to change the adoption curve very much. Don't get me wrong, people will try to seek out BEVs as they did this summer, but they'll realize the market just isn't there for the middle class yet.

 

[Brainonska511]

Over the long run, sure. But in the near term (say under 1-2 years), BEV supply is constrained by batteries, and prices are sky high. So at this time, $7 gas isn't going to change the adoption curve very much. Don't get me wrong, people will try to seek out BEVs as they did this summer, but they'll realize the market just isn't there for the middle class yet.

But people don't only have to just look to BEVs. We'd be better off if people made better choices like picking a hybrid sedan or a PHEV compared to the best selling pick-up truck in the US - those choices would better protect consumers from huge spikes in gas prices too, because they would just be using less at the pump to begin with (bonus - we'd also be able to make limited battery supplies go further in the short term). Or the fact that most trips are less than a few miles, so shifting transportation mode-share would be another avenue. However, that all gets intertwined with a whole big thing on CAFE standards and generally bad land-use/transit policies that I don't want to derail the thread with.

Though short-term gas prices might make some look to electric vehicles, I bet from a market perspective, because buying an automobile is a relatively one-off event, sustained increases in prices (along with actual vehicle availability) are probably needed to really drive behavioral and political changes in the 1-2 year time frame.

 

[Moonbeam]

But people don't only have to just look to BEVs. We'd be better off if people made better choices like picking a hybrid sedan or a PHEV compared to the best selling pick-up truck in the US - those choices would better protect consumers from huge spikes in gas prices too, because they would just be using less at the pump to begin with (bonus - we'd also be able to make limited battery supplies go further in the short term). Or the fact that most trips are less than a few miles, so shifting transportation mode-share would be another avenue. However, that all gets intertwined with a whole big thing on CAFE standards and generally bad land-use/transit policies that I don't want to derail the thread with.

Though short-term gas prices might make some look to electric vehicles, I bet from a market perspective, because buying an automobile is a relatively one-off event, sustained increases in prices (along with actual vehicle availability) are probably needed to really drive behavioral and political changes in the 1-2 year time frame.

Germany built the Volkswagen. A declaration of war on fossil fuels could be initiated with the a government mandated Voltwagon. I think there are few challenges we fact given the will to do them. But it's always about whose ox gets gored. We can't have socialist cars. It would cost us a few 1%ers. Uh, ugly!!!

 

[JWade]

I get that supply and demand is a difficult concept.

i did not say supply and demand did not affect the price of oil. it does. when someone in power of a country says no more drilling, it is saying that the future supply of oil will be less, which is why in my opinion gas will go up about 50 more cents, and why in part gas around me went up 20 cents in some places after those remarks were made. price of oil affects way more than the cost of gas. Supply is why prices went up because of the War in Ukraine. Russia supplied less to Europe and other countries while their demand for it only slightly decreased. There was/is a greater demand than what is being supplied. Which by the way is why multiple European countries are getting disatisfied with the USA with the cost of natural gas. They are paying upwards of 4x the amount for US natural gas than what it is being sold for here. They were ok with it at the start of the war, but not so much now.

oil is a futures commodity. What the price of a barrel of oil on the market is today, is what investors think it will be worth in the future. You can buy oil futures months, weeks, years contracts. If oil is a futures comoddity, why does price of gas jump when oil goes up? Simple, it goes up because the companie raise it because they expect to have to pay a higher price for that oil in the future, so they raise prices to cover the cost to replace the gas being sold.

I did really well in my economics classes, like my statistics class. really thought about getting into the investment industry, but its not really something i am passionate about, good at yes, passionate no.

 

[fskimospy]

i did not say supply and demand did not affect the price of oil. it does. when someone in power of a country says no more drilling, it is saying that the future supply of oil will be less, which is why in my opinion gas will go up about 50 more cents, and why in part gas around me went up 20 cents in some places after those remarks were made. price of oil affects way more than the cost of gas. Supply is why prices went up because of the War in Ukraine. Russia supplied less to Europe and other countries while their demand for it only slightly decreased. There was/is a greater demand than what is being supplied. Which by the way is why multiple European countries are getting disatisfied with the USA with the cost of natural gas. They are paying upwards of 4x the amount for US natural gas than what it is being sold for here. They were ok with it at the start of the war, but not so much now.

oil is a futures commodity. What the price of a barrel of oil on the market is today, is what investors think it will be worth in the future. You can buy oil futures months, weeks, years contracts. If oil is a futures comoddity, why does price of gas jump when oil goes up? Simple, it goes up because the companie raise it because they expect to have to pay a higher price for that oil in the future, so they raise prices to cover the cost to replace the gas being sold.

I did really well in my economics classes, like my statistics class. really thought about getting into the investment industry, but its not really something i am passionate about, good at yes, passionate no.

You’re letting your partisanship affect your thinking. If you look at Biden’s policies they are very favorable to the oil industry.

 

[FelixDeCat]

And what schemes are those? Please be specific.

On one hand Biden says he wants oil companies to invest billions in drilling for oil, on the other hand he says he wants to bring an end to combustion. Why would oil companies go broke drilling for oil when it could take up to 30 years or more to recover that investment and the president does nothing but bad mouth fossil fuels.

2030 is impractical and about close to impossible. We do not have the resources to give everyone an electric car much less power them all.

 

[fskimospy]

On one hand Biden says he wants oil companies to invest billions in drilling for oil, on the other hand he says he wants to bring an end to combustion. Why would oil companies go broke drilling for oil when it could take up to 30 years or more to recover that investment and the president does nothing but bad mouth fossil fuels.

2030 is impractical and about close to impossible. We do not have the resources to give everyone an electric car much less power them all.

That is probably part of the far left wing agenda anyway....take away cars and force people on mass transit.

It’s pretty simple, you just ensure stability of prices through using the SPR.

This is not complicated, I’m confused as to why anyone would struggle with this.

 

[akugami]

The whole point of the Strategic Petroleum Reserve is to use it to the best benefits of the citizens of the United States. The oil reserves are supposed to be used to reduce the impact of shortages in crude oil. However, I see nothing wrong with Biden's use of the Strategic Petroleum Reserve at this time. That reserve does you no good if it never gets used.

Oil prices are not in the control of the USA. OPEC controls crude prices by artificially limiting production. There are other economical reasons that factor into this, but the president of the USA has very limited powers to affect oil prices. Those who say Biden is responsible do not know what they are talking about. Go blame OPEC and the oil companies for high oil prices.

Obama wanted to reduce the impact of oil on the the US consumers by requiring higher gas mileage from the major auto makers. This would limit the impact of higher gasoline prices, as well as be better for the environment. Guess who repealed and reversed that as soon as they got the power to do so? Republicans!

Green energies such as solar, wind, and hydro are a step in the right direction to reduce our consumption of oil. Other industries are also helping to wean ourselves from the use of crude oil based products like the manufacturing of bioplastics. Combined with the big one of electric cars and hybrid cars, we can reduce that OPEC holds on our lives.

Will we ever wean ourselves entirely off of oil? Maybe in the far distant distant future. But we sure can do our best to reduce our need for it. One major issue is, while we already have viable full electric cars, we lack the infrastructure to support a lot of electric cars. Biden's infrastructure plans to build charging stations all across the USA is a step in the right direction.

 

[Puffnstuff]

IDK but prices are creeping up again in my neck of the woods.

 

[brycejones]

On one hand Biden says he wants oil companies to invest billions in drilling for oil, on the other hand he says he wants to bring an end to combustion. Why would oil companies go broke drilling for oil when it could take up to 30 years or more to recover that investment and the president does nothing but bad mouth fossil fuels.

2030 is impractical and about close to impossible. We do not have the resources to give everyone an electric car much less power them all.

Who of importance said everyone is going to have an electric car by 2030?

 

[alexruiz]

The real constraint here is refining capacity.
During the pandemic most oil companies cut refining capacity as the demand for gasoline fell sharply.
Post-pandemic they realized that gasoline was more inelastic than previously thought, so they decided to milk it for as much as they can.
When they can charge higher prices for it, what motivation do they have to add back the lost refining capacity?
It doesn't matter how much crude oil is coming into the country if you can only refine a predetermined amount.

If a real dent was to be made on the prices, what should be imported is gasoline, not crude oil.
Importing gasoline from Venezuela would totally bring the prices down. The oil lobby, however, would make sure that their bought endorsed politician would block it

 

[FelixDeCat]

Who or importance said everyone is going to have an electric car by 2030?

You have never heard of the Paris Climate Accords? Here is one aspect of it:

Net Zero Coalition | United Nations

Put simply, net zero means cutting carbon emissions to a small amount of residual emissions that can be absorbed and durably stored by nature and other carbon dioxide removal measures, leaving zero in the atmosphere.

www.un.org

 

[brycejones]

You have never heard of the Paris Climate Accords? Here is one aspect of it:

Net Zero Coalition | United Nations

Put simply, net zero means cutting carbon emissions to a small amount of residual emissions that can be absorbed and durably stored by nature and other carbon dioxide removal measures, leaving zero in the atmosphere.

www.un.org

Swing and a miss. Nothing in there about everyone getting an electric car by 2030.

 

[FelixDeCat]

Swing and a miss. Nothing in there about everyone getting an electric car by 2030.

Do you know how to read and do any research? The goal is to reduce emissions substantially by 2030, one way to do that was supposedly to push electric vehicles. This does not take into account we still have to burn coal to charge those vehicles and we do not have enough basic resources to make that many batteries.

Liberals have had a wet dream going back to the 1970s of taking cars away from people and getting them all to use mass transit. That might work in New York, but it does not work in places like Texas. We still need cars ....and lots of them.

Had these idiots wanted to transition to simply hybrids by 2030, we might be able to achieve that and brought overall MPG to near 50.

But NOOOO! We want all electric by 2030. You can only register electric cars in California by 2035.

California regulator sees 2035 EV mandate as 'sweet spot'

California's choice of 2035 as the deadline to end gasoline-only new car sales was the "sweet spot" that will sharply cut emissions but was also realistic for the industry, the head of the state's clean air regulator said on Tuesday.

www.reuters.com

 

[Meghan54]

Do you know how to read and do any research? The goal is to reduce emissions substantially by 2030, one way to do that was supposedly to push electric vehicles. This does not take into account we still have to burn coal to charge those vehicles and we do not have enough basic resources to make that many batteries.

Liberals have had a wet dream going back to the 1970s of taking cars away from people and getting them all to use mass transit. That might work in New York, but it does not work in places like Texas. We still need cars ....and lots of them.

Had these idiots wanted to transition to simply hybrids by 2030, we might be able to achieve that and brought overall MPG to near 50.

But NOOOO! We want all electric by 2030. You can only register electric cars in California by 2035.

California regulator sees 2035 EV mandate as 'sweet spot'

California's choice of 2035 as the deadline to end gasoline-only new car sales was the "sweet spot" that will sharply cut emissions but was also realistic for the industry, the head of the state's clean air regulator said on Tuesday.

www.reuters.com

That's nowhere in your linked article, idiot, but we already expected that. Pls show where the article says that. IT DOESN'T MORON.

It states NEW VEHICLE REGISTRATION will be elec. only by 2035....not ONLY ELEC. will be allowed to be registered in CA.

Dumbass.

 

[brycejones]

Do you know how to read and do any research? The goal is to reduce emissions substantially by 2030, one way to do that was supposedly to push electric vehicles. This does not take into account we still have to burn coal to charge those vehicles and we do not have enough basic resources to make that many batteries.

Liberals have had a wet dream going back to the 1970s of taking cars away from people and getting them all to use mass transit. That might work in New York, but it does not work in places like Texas. We still need cars ....and lots of them.

Had these idiots wanted to transition to simply hybrids by 2030, we might be able to achieve that and brought overall MPG to near 50.

But NOOOO! We want all electric by 2030. You can only register electric cars in California by 2035.

California regulator sees 2035 EV mandate as 'sweet spot'

California's choice of 2035 as the deadline to end gasoline-only new car sales was the "sweet spot" that will sharply cut emissions but was also realistic for the industry, the head of the state's clean air regulator said on Tuesday.

www.reuters.com

Another swing and another miss.

 

[JWade]

You’re letting your partisanship affect your thinking. If you look at Biden’s policies they are very favorable to the oil industry.

he also has policies that are very unfavorable. i am not looking at it from a partisanship view, i am looking at it from an economic view, money view, and investment view. I dont invest, i have family members who do, and they have made money from my advice, not once lost money.

oh, and the SPR was done for in times of war to be used, not to stabilize prices for people, even though lately that is what it has been used for. If Iran/Russia were to declare war on a larger scale, affecting places like Saudi, we would be in a world of hurt.

 

[fskimospy]

he also has policies that are very unfavorable. i am not looking at it from a partisanship view, i am looking at it from an economic view, money view, and investment view. I dont invest, i have family members who do, and they have made money from my advice, not once lost money.

Well then your talents are wasted at your current job as you could make millions or billions with your foolproof investment advice.

oh, and the SPR was done for in times of war to be used, not to stabilize prices for people, even though lately that is what it has been used for. If Iran/Russia were to declare war on a larger scale, affecting places like Saudi, we would be in a world of hurt.

This is false. It was created in response to the Arab oil embargo.

 

[HomerJS]

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.

Care to provide that quote? Doubt he really said that

 

[HomerJS]

On one hand Biden says he wants oil companies to invest billions in drilling for oil, on the other hand he says he wants to bring an end to combustion. Why would oil companies go broke drilling for oil when it could take up to 30 years or more to recover that investment and the president does nothing but bad mouth fossil fuels.

2030 is impractical and about close to impossible. We do not have the resources to give everyone an electric car much less power them all.

Ever heard of short term goals and long term goals not necessarily being the same?

Or it that too much complexity for you?

 

[FelixDeCat]

That's nowhere in your linked article, idiot, but we already expected that. Pls show where the article says that. IT DOESN'T MORON.

It states NEW VEHICLE REGISTRATION will be elec. only by 2035....not ONLY ELEC. will be allowed to be registered in CA.

Dumbass.

uugghhh... that was not point sweetheart

I was only adding to my original point that the Paris Climate Accords are what is driving this EV push nonsense by 2030.