Fuel prices around the world.

[Diggin It]

Refinery fire/explosion a few days ago didn't help. And there was another one yesterday somewhere.

 

[jyoutz]

Diesel now 4.29/G in the once great state of Pennsylvania. $3.79 in DE.
Wondering if I should take out a student loan for one of my kids college tuition? Better chance I have enough cash to get through this horribly expensive period.
Now with war heaped on top 10% or more inflation, it’s going to get worse.

Unfortunately it’s going to get worse. I place a lot of the blame on Congress permitting oil exports in 2018. Before that, the US cost of oil was based on domestic supplies and only the imported oil was subject to world prices. Now, all of our oil is priced by world demand. Oil companies are happy because profits are up, but consumers in the US are paying for this.

 

[JediCropFarmer]

unfortunately the invasion of Ukraine has significantly increased prices and inflation is going up a lot i suspect a recession is coming sadly

 

[jyoutz]

unfortunately the invasion of Ukraine has significantly increased prices and inflation is going up a lot i suspect a recession is coming sadly

Well we will find out, but recession doesn’t necessarily follow inflation. I recall a strong job market along with horrible inflation in the late 1970s.

 

[rademamj1]

And I also recall an economic period during late 70's under Jimmy Carter, called Stagflation time. Nation in a recessionary period, while interest rates jumped from 6% to 21%. Not an enjoyable experience. And that Stagflation era was triggered by high energy prices, caused by worries of OPEC embargo.

 

[jyoutz]

And I also recall an economic period during late 70's under Jimmy Carter, called Stagflation time. Nation in a recessionary period, while interest rates jumped from 6% to 21%. Not an enjoyable experience. And that Stagflation era was triggered by high energy prices, caused by worries of OPEC embargo.

I recall the high prices and interest rates during that time, but I don’t recall it being hard to find employment during those years.

 

[bmg88201]

If the prices keep going up, I will have to stop buying non-ethanol fuel. I get better mileage and performance but geez it’s getting expensive. I filled up both my cars yesterday and spent $127. Who raises the prices of gas and why is beyond me and out my control but it boils down to GREED !!!!! A lot of folks are struggling right now just trying to get by and increasing gas prices just adds to their burden.

 

[jyoutz]

If the prices keep going up, I will have to stop buying non-ethanol fuel. I get better mileage and performance but geez it’s getting expensive. I filled up both my cars yesterday and spent $127. Who raises the prices of gas and why is beyond me and out my control but it boils down to GREED !!!!! A lot of folks are struggling right now just trying to get by and increasing gas prices just adds to their burden.

Yeah, that stuff is really expensive and has been for a long time. I just buy about 20 gallons per year for the lawnmower and other small engines.

 

[jyoutz]

There is a federal moratorium for drilling and extracting on federal lands...how is NM able to extract while other places are not?

Biden's Republican critics are wrong about U.S. gas production, experts say

Some Republicans, attacking President Biden, say that increasing U.S. production of fossil fuels would liberate Europe from its dependence on Russian gas. But experts say Biden hasn’t scaled back energy production and that Europe’s path to energy independence lies away from fossil fuels.

www.yahoo.com

 

[Hay Dude]

Unfortunately it’s going to get worse. I place a lot of the blame on Congress permitting oil exports in 2018. Before that, the US cost of oil was based on domestic supplies and only the imported oil was subject to world prices. Now, all of our oil is priced by world demand. Oil companies are happy because profits are up, but consumers in the US are paying for this.

I blame the heavy handed environmentalist bullies.