U.S. pump prices and projections

Vida May said:
Oh dear, you have me backed into a corner. I already posted my concerns, and it would not be wise for me to do it again because it is political, and that is forbidden. I was not sure if the discussion of religion and oil and oil and war are political so I googled for information. AI says...

So I can not explain my sarcastic comment. However, a geology professor who worked for oil companies in the Middle East gave me a copy of the books he wrote, and for years I have been expressing concern about our dependence on oil, and people who never look for information have assured me that the US has all the oil it needs. :cautious:
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It's okay, thanks. I think I understand it. And right, we don't want to break any rules. To my understanding, religion is not off limits, but it can result in arguments, and when those get out of control, threads can be closed.
 
Here's the problem with our oil...

The U.S. produces a massive amount of oil, but it's often the "wrong" kind for our infrastructure:
  • U.S. Production: Mostly light, sweet crude (low sulfur, low density) from shale regions like the Permian Basin.
  • U.S. Refineries: About 70% of capacity is optimized for heavy, sour crude (high sulfur, high density).
  • Historical Context: Most refineries were built in the 1970s and 80s when the world supply was shifting toward heavier oils from places like Venezuela and Mexico.
So even though we produce more than we use, we can't refine enough of it, so we need to import oil that's compatible with our refineries.
 
Today prices were up 40 cents from the last time I checked them. They are now $3.80 for a gallon of regular unleaded. ($379.9 if you want to play their silly tenth of a cent game, I don't) That's 5 cents higher than the previous high since the war started which was $3.75 and $1.30 higher than they were just before the war started.
 
Stocks of gasoline and distillates (including diesel) took a hit in the latest report. Draws on the SPR are nearing pipeline capacity.
Energy Inventory.jpg
While gasoline stocks were lower in November, they are slipping quite rapidly... as consumption doesn't seem to be easing. With the summer driving season nearly here... ouch! Distillates are of concern, as they would typically fall into late May and then begin a build into the fall. Right now nearing a low going back a few years.

All of which are reflected in pump prices rapidly rising.
energy prices.jpg
While at $4.22⁹ this morning, the markets are indicating another 46¢ is in the offing. We may see all time highs within the month, imo, with a new diesel high... very likely.
 
In Canada. Two days ago we paid $1.81 a litre. Today it’s $2.08. This is for premium. I noticed it’s $1.999 for regular today. These prices are on top of the $.10 a litre that the Feds removed from our taxes.
 
An average of 376 million gallons of gasoline are consumed every day in the US.

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

The current average price is $4.30 which is $1.32 more that the $2.98 average on Feb 28.

US gas prices hit $4.30 average: Map shows prices per state

If you multiply 376 million gallons by $1.32 you get $496 million per day. That's how much extra we are paying just for gas for our vehicles.

Normally I wait till I'm down to a quarter of a tank before I buy gas. But this morning I decided to top it off even though the guage was still above 1/2. I managed to squeeze in $20 bucks worth. That was 5.26 gallons at $3.80 per gallon.
 
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