Why are gas prices 2 dollars higher per gallon today than they were in 2014? .... --

[iluvtennis]

Lori Trahan@RepLoriTrahan·23h
Price for a barrel of oil today: $117.59
Price for a barrel of oil in 2014: $120.45

So why are gas prices 2 dollars higher per gallon today than they were in 2014?

Because Big Oil corporations are hiking prices to rake in record-setting profits.

Link to tweet

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this is the stone cold truth! Greedy pigs.

[Ferrets are Cool]

1. Cuz they can. Hell, we are lucky they aren't $10 a gallon

I am positive they have "groups" who have studied it and know just how high it can get without Congress getting involved.

[Midnight Writer]

2. I recall gas companies a few years back determining the psychological breaking point at $4

They determined that prices over $4 would cause consumers to cut way back, look for alternatives and demand legislative action.

So gas topped out around $3.99.

Apparently, they have recalculated. American workers have seen their income rise a bit, and corporate America has decided to take that away from them.

[Baked Potato]

3. Because Democrats and their regulations and uncertainty.

*sarcasm*

Here’s the line from US Chamber of Commerce:

“Some politicians insist on blaming oil and natural gas companies for the current situation, accusing them of price gouging and putting forward debunked arguments about unused leases. That sends the wrong signal to the market. In part to balance this headwind, companies are now returning a higher percentage of the profits back to investors and investing less into new exploration and production.”

https://www.uschamber.com/energy/combating-inflation-whats-behind-high-energy-prices-and-what-to-do-about-it

In other words, blame us and we will ram a hot poker up America’s ass.

[iluvtennis]

4. Oil corps made over 100 BILLION in profits in the 1st quarter of this year.

It's a shame a lot of the American public doesn't recognize the oil corps responsibility here. They already make enough profit to give their investors a hefty return. They just want more and more and more from the little people while the wealthy thrive - it's an inequity.

sorry for the rant, but I'm p/o'ed.

https://www.theguardian.com/business/2022/may/13/oil-gas-producers-first-quarter-2022-profits

[Baked Potato]

5. I'm P/Od too! Capitalism is fine with me, but

the oil companies are viciously tanking Democratic progress here and are wielding economic power which squarely benefits autocratic governments at the expense of the working class.

[iluvtennis]

6. Exactly. n/t

[Fiendish Thingy]

7. Wages, but mostly greed .

You wouldn’t expect gas to be the same exact price it was eight years ago, even if oil was the same price, because wages have increased, but not enough to justify the current price increases.

[iluvtennis]

9. To me it is illogical to raise prices because wages raise. How do people progress financially

if every time they get a little boost, prices of goods and services rise as well.

(note: But I've lived enough time in this world to know it does happen...but that still doesn't make it right)

***RE-POSTING this pic that was on DU the other day. The top folks need to pay their fair share of taxes and stop having the middle class and poor bore the brunt of what's needed to run this country. My apologies for not having the DU link)

[Fiendish Thingy]

10. It's capitalism- wages and prices are linked

It’s the pace and synchronization of the increases that is critical. As the diagram shows, that has been out of whack for decades, and exacerbated by the greedy gouging of the profiteers.

[iluvtennis]

13. Thanks for your insights- much appreciated. n/t

[Model35mech]

8. well market economics... as in all the market will bear.

[SoonerPride]

11. If we want gas prices or go down drive less

I know for some they have long commutes and no public transportation options.

And that is baked into our society. Dependence upon the almighty automobile and ever expanding suburbs and exurbs mean longer and longer commutes.

But the price we pay isn’t just the result of greed though that is certainly part of it.

But demand is a factor.

When demand plummeted in 2020 so did the price.

Drive less and the price will fall.

[MichMan]

12. Because cars don't run on crude oil ?

At least mine don't

[Emile]

14. Predatory Capitalism alive and well.

[iluvtennis]

15. Predatory - that's the perfect descriptor. n/t