Could the smart people on here please explain surging (US) gas prices?

[Arcadia]

8 hours ago, Quill said:

Also, it is not lost on me that the few gas stations with the lowest prices around here (filled up for $3.79/3.80 yesterday, which is at  min. .10 cheaper than anywhere else) are “independent” fuel providers who allegedly don’t deal with certain international traders. I have no idea if that’s accurate but *somehow* those providers maintain consistently lower averages, despite them all going up everywhere. 

Gas prices vary via zip codes here. My county usually have the lowest gas price and Costco or Safeway tend to have the lowest prices in my county. Costco is at $4.45 which is lower than my county’s average price.
https://www.nbcbayarea.com/news/local/making-it-in-the-bay/soaring-gas-prices-hit-record-highs-across-the-bay-area-aaa/2828904/

“The statewide average gas price in California as of Friday was $5.07, up from $4.79 a week ago, according to AAA. The national average stood at $3.83.

The average gas price by county as of Friday, according to AAA:

• Marin, $5.25
• Napa, $5.24
• Sonoma $5.22
• San Francisco, $5.21
• San Mateo, $5.20
• Alameda, $5.13
• Contra Costa, $5.13
• Solano, $5.11
• Santa Clara, $5.10

The average gas price for Bay Area cities, according to AAA, all set records Friday”

[prairiewindmomma]

Fwiw, my .02 is that rural conversion actually makes the most sense right now. My Dh used to drive 70 miles a day for work. We would drive once a month to the big city to hit Costco and do our big dr appointments. You had to drive everywhere to get anywhere. Most of my family still has that lifestyle. Charging a commuter car or minivan (there are hybrid minivans) overnight in your garage still results in fewer carbon emissions over a lifetime even when using coal fired electricity once you cross over 14,000 miles or so. https://www.reuters.com/business/autos-transportation/when-do-electric-vehicles-become-cleaner-than-gasoline-cars-2021-06-29/

[Ting Tang]

4 minutes ago, prairiewindmomma said:

Fwiw, my .02 is that rural conversion actually makes the most sense right now. My Dh used to drive 70 miles a day for work. We would drive once a month to the big city to hit Costco and do our big dr appointments. You had to drive everywhere to get anywhere. Most of my family still has that lifestyle. Charging a commuter car or minivan (there are hybrid minivans) overnight in your garage still results in fewer carbon emissions over a lifetime even when using coal fired electricity once you cross over 14,000 miles or so. https://www.reuters.com/business/autos-transportation/when-do-electric-vehicles-become-cleaner-than-gasoline-cars-2021-06-29/

I have done that long of a car commute, too---during the time when gas was $4.25/gallon OUCH.  I have a relative that looked into buying an electric car, but they were worried about cross-country trips and not always knowing where to "charge up."  They are in their 70s/80ish. I know that is evolving, and I believe we will get there.  Maybe it feels slow, but I think about how much has changed so quickly in terms of technology.  Getting what we need now from other domestic and international resources seems like a good idea for the immediate to help people here at home.  I'm sure lots of ideas are being discussed.   I'll brace myself for right now. Maybe we will get lucky, and it won't get that much worse.

[Ting Tang]

I think our government is trying to figure this out.  I am reading how Russian production is dirtier than American production, albeit "cheaper."  Prices are hurting my family.  I don't want a nuclear war.  But...  if this was temporary financial pain, I think I could deal with it if it did anything to prevent Putin from being able to finish off Ukraine and do something crazy like invade Finland.  I do keep hearing about other "crises" looming, but as for this...  looks like people want to work together. 

[Arcadia]

23 minutes ago, Ting Tang said:

I have done that long of a car commute, too---during the time when gas was $4.25/gallon OUCH.  I have a relative that looked into buying an electric car, but they were worried about cross-country trips and not always knowing where to "charge up."  They are in their 70s/80ish.

That’s why we are looking into hybrids for minivan. When we did long road trips on I-5, we sometimes have to go long distance before hitting the next exit/gas station. Once we were in Oregon and nearly ran out of gas just after sunset in a totally unfamiliar area after spending the day playing snow at Crater Lake National Park.
For daily life, our public library which is 0.2 miles away has charging stations at their parking area. There are also charging stations near to the office buildings where my husband works.

[Brittany1116]

4 hours ago, Quill said:

“Average annual” does not show what has actually happened well. I remember $4/g perfectly well under GWB. I’m sure it didn’t average out to that, though. 

Conversely, I recall paying 1.61 when I graduated and started college (early 00s) and 4.61 under Obama.

[Ting Tang]

16 minutes ago, Brittany1116 said:

Conversely, I recall paying 1.61 when I graduated and started college (early 00s) and 4.61 under Obama.

😞  

[Terabith]

1 hour ago, Brittany1116 said:

Conversely, I recall paying 1.61 when I graduated and started college (early 00s) and 4.61 under Obama.

Yeah, I'm a solid Democrat, but my recollection is lower prices under GWB and higher around 2011 under Obama.  I specifically remember the date because we had to drive from Roanoke, VA to Boston with gas prices at almost $5, and bin Laden was killed while we were on the trip.  

I do not think gas prices are under the control of the president, however.  

[KungFuPanda]

4 hours ago, Ting Tang said:

We have that type of transportation available here in the bigger towns, and I understand what you are saying--there is definitely a need. The rate of car ownership is very high in America, and I don't think Americans are going to give up their independence and freedom---urban, suburban, and rural dwellers.  People keep saying we need green technology, but personally, I see a lot of progress.  One of the grocery stores has several Tesla charging stations where I shop.  Just don't ask me to rely on a bus, lol. Especially in subzero temperatures! 

I’d trust a bus over an electric car in those temperatures. 

[Ting Tang]

25 minutes ago, KungFuPanda said:

I’d trust a bus over an electric car in those temperatures. 

Won’t fit in my garage.

[Guest]

Said not to anyone in particular: I do *wish* the public transport infrastructure here was like it is in Europe. I didn’t have a car (rental) in Europe ; we rode public transit 100% of the time unless we walked. I also really like the food culture; ie, buying groceries for today and maybe tommorow, but no big grocery binge or Costco $400 stock up. I *like* the way it is in Europe but it *is* had to see a way to make that work here. For cities like DC, Philadelphia, NY - sure. But in east B.F. Where I live and work, you neeeeedd a car. I even would be happy to bike to more places but the road between myself and shops is extremely dangerous for bicyclists. There is no shoulder, it’s twisty and hilly, and maniacal driving abounds. Literally, I have only seen a bicyclist during the weekday on a road I travel for work *once* in a year and a half. And that person had some sort of travel pack like they were bicycling inter-state. 
It’s just not done here; it’s death-defying. 

[mommyoffive]

38 minutes ago, KungFuPanda said:

I’d trust a bus over an electric car in those temperatures. 

From personal experience yes!!  

[Frances]

8 minutes ago, Quill said:

Said not to anyone in particular: I do *wish* the public transport infrastructure here was like it is in Europe. I didn’t have a car (rental) in Europe ; we rode public transit 100% of the time unless we walked. I also really like the food culture; ie, buying groceries for today and maybe tommorow, but no big grocery binge or Costco $400 stock up. I *like* the way it is in Europe but it *is* had to see a way to make that work here. For cities like DC, Philadelphia, NY - sure. But in east B.F. Where I live and work, you neeeeedd a car. I even would be happy to bike to more places but the road between myself and shops is extremely dangerous for bicyclists. There is no shoulder, it’s twisty and hilly, and maniacal driving abounds. Literally, I have only seen a bicyclist during the weekday on a road I travel for work *once* in a year and a half. And that person had some sort of travel pack like they were bicycling inter-state. 
It’s just not done here; it’s death-defying. 

I’d like it to, but because I never thought it would happen, we chose to live where we can generally walk to everything. My son lived for a year in a similar size city in Germany and they had busses, subways(!), trains, and trolleys. We have busses. The difference really is night and day. But I really don’t ever foresee anything but busses in my city. The best I can hope for is increased train service between cities in my region. I love to bike and we do it regularly in state parks and on bike trails for fun. But even with lots of dedicated bike lanes here, no way do I trust drivers enough to use them for any errands. I’d rather walk, even though it takes longer.

I’d also like to see the credits and incentives for buying electric vehicles and installing charging stations more targeted in the US to rural places where public transportation isn’t really a viable option. We live where I can pretty much walk to anything I need. We have one car I rarely drive. My husband’s biggest reason for driving it is picking up supplies for projects from Lowe’s, Home Depot, local stores, etc. Sure, we would take advantage of free money if we bought an electric vehicle, but do we really deserve it? Neither of us has a work commute. There is basic bus public transportation if we needed it. We can walk to a train station. We really can walk to get just about everything we need.

Contrast that with my son’s partner who owns a small business that uses diesel heavy equipment and provides every employee with a large truck (to hold all the necessary equipment) to get to job sites which are in the forest and can mean hundreds of miles driving daily (for far away jobs, they live there temporarily). They would love to replace all of their used trucks with electric ones, but without very substantial grants or refundable credits,they simply can’t afford to do so. This business is rural based because that is where the work is. Living urban would only add to their expenses because it would increase driving to job sites.

[Faith-manor]

9 hours ago, Quill said:

Said not to anyone in particular: I do *wish* the public transport infrastructure here was like it is in Europe. I didn’t have a car (rental) in Europe ; we rode public transit 100% of the time unless we walked. I also really like the food culture; ie, buying groceries for today and maybe tommorow, but no big grocery binge or Costco $400 stock up. I *like* the way it is in Europe but it *is* had to see a way to make that work here. For cities like DC, Philadelphia, NY - sure. But in east B.F. Where I live and work, you neeeeedd a car. I even would be happy to bike to more places but the road between myself and shops is extremely dangerous for bicyclists. There is no shoulder, it’s twisty and hilly, and maniacal driving abounds. Literally, I have only seen a bicyclist during the weekday on a road I travel for work *once* in a year and a half. And that person had some sort of travel pack like they were bicycling inter-state. 
It’s just not done here; it’s death-defying. 

Right! I would be thrilled though if we had a metro between here and Royal Oak so that I could put my mom on it every time she has a check up at Beaumont instead of taking four hours of commute out of my day PLUS the time she is at the doctor. It not only kills an entire day, but my patience is very much tried dealing with traffic and crazy drivers. Things like that would be so helpful. Even shuttles that would take elders to and from our nearest decent hospital (an hour away) would be such a huge thing, and it would really pay for itself in curbed emissions and elders on the road who shoulsd NOT be on the road. That city also has some good shopping , but exactly no reliable public transit. There is a university there too, and students have been clamoring for help because it is just far enough outside the city (3 miles) that walking, especially in winter weather, is not practical, and there are no bike paths. It is so problematic because more and more students can't afford cars. I just wish there was some practical strides forward in places where it makes sense.

Edited March 5, 2022 by Faith-manor

[Frances]

5 hours ago, Ting Tang said:

We have that type of transportation available here in the bigger towns, and I understand what you are saying--there is definitely a need. The rate of car ownership is very high in America, and I don't think Americans are going to give up their independence and freedom---urban, suburban, and rural dwellers.  People keep saying we need green technology, but personally, I see a lot of progress.  One of the grocery stores has several Tesla charging stations where I shop.  Just don't ask me to rely on a bus, lol. Especially in subzero temperatures! 

When I’m in Europe riding a train from one small town to the next I’m not giving up my freedom or independence. In fact, I’m gaining something by being able to relax and let someone else worry about getting me from point A to point B.

Plus, no one is asking Americans to give up any such thing. It’s not either or. 

It’s extremely well established we are an incredibly selfish bunch and a good chunk of the population doesn’t care what’s best for others or the planet. Most are only going to do something if it directly benefits them. If things get bad enough at the pump and/or the incentives (rebates, tax credits, grants, etc) get big enough, people will change their habits (where possible) or acquire different vehicles.

[Ting Tang]

6 minutes ago, Frances said:

When I’m in Europe riding a train from one small town to the next I’m not giving up my freedom or independence. In fact, I’m gaining something by being able to relax and let someone else worry about getting me from point A to point B.

Plus, no one is asking Americans to give up any such thing. It’s not either or. 

It’s extremely well established we are an incredibly selfish bunch and a good chunk of the population doesn’t care what’s best for others or the planet. Most are only going to do something if it directly benefits them. If things get bad enough at the pump and/or the incentives (rebates, tax credits, grants, etc) get big enough, people will change their habits (where possible) or acquire different vehicles.

I’m sure there is a way for people to maintain their freedom and be friendlier to the earth. Americans are creative and innovative. Just watching an ad now for an EV Silverado, lol. 

[Frances]

1 minute ago, Ting Tang said:

I’m sure there is a way for people to maintain their freedom and be friendlier to the earth. Americans are creative and innovative. Just watching an ad now for an EV Silverado, lol. 

Of course there is and it exists all over the world.

[Frances]

6 hours ago, Ting Tang said:

I have to drive at least 15 miles to the nearest grocery store, and here in rural America, it would not be efficient to have public transportation.  Plus lugging groceries for a family of 6 with 4 kids on a bus isn't happening for my family.  I think some politicians are out of touch with how a substantial chunk America lives.  They live in urban communities, don't have children, etc.  They think we should all desire the same lifestyles.  I have done the commuting on public transit to/in/from Chicago thing before I moved here.  Standing, waiting, walking through the weather elements....  Oh the crime on public transit....yikes.  I guess some people enjoy that, but I got it out of my system.

I do believe we are moving towards electric vehicles.  Look at how much really has changed.  It really is incredible.  I don't think it should be all or nothing in pursuing greener technology---  the risk being dependence on dictators like we and the west have now.  I'm just rambling. I know things are complicated.

 

 

 

If anything, rural areas have greater representation politically at both the state and national level due to the electoral college, the two senators from each state rule, and the structure of most state legislators. I think the constant refrain that many politicians from cities are out of touch with the needs and lifestyles of rural people (which literally is constant in my state despite virtually everyone in the state living within 30 minutes of a rural area) is just political theatre with virtually no basis in reality. Sounds great as a constant slogan to divide and conquer, but gets pretty tiresome. And I grew up in a very rural area in the Midwest.

[Ting Tang]

15 hours ago, Frances said:

If anything, rural areas have greater representation politically at both the state and national level due to the electoral college, the two senators from each state rule, and the structure of most state legislators. I think the constant refrain that many politicians from cities are out of touch with the needs and lifestyles of rural people (which literally is constant in my state despite virtually everyone in the state living within 30 minutes of a rural area) is just political theatre with virtually no basis in reality. Sounds great as a constant slogan to divide and conquer, but gets pretty tiresome. And I grew up in a very rural area in the Midwest.

Okedoke. I tried to be polite, but you are being snide. Good night. 

(For anyone who is "confused," I have highlighted her rude words in bold.  I am done being "polite" to nasty people who think they are so smart and clever with camouflaged insults.)

Edited March 5, 2022 by Ting Tang

[Arcadia]

1 hour ago, Faith-manor said:

Even shuttles that would take elders to and from our nearest decent hospital (an hour away) would such a huge thing, and it would really pay for itself in curved emissions and elders on the road who shouls.NOT be not be on the road. That city also has some good shopping , but exactly no reliable public transit. There is a university there too, and students have been clamoring for help because it is just far enough outside the city (3 miles) that walking, especially in winter weather, is not practical, and there are no bike paths. It is so problematic because more and more students can't afford cars. I just wish there was some practical strides forward in places where it makes sense.

Stanford University’s Marguerite shuttle is free for all and rather well run. I could take the free shuttle from the train station to the cancer center and the Stanford Hospital. The shuttle also goes to three shopping malls where students can easily buy groceries and clothes. 

A nearby city has free shuttles that connects the senior center, teen center, the library, hospital, city hall as well as other places. They are very well utilized.

When we were at John Hopkins University for an event, we were impressed with their JHMI shuttles. Students could use those shuttles to go around town and get their groceries done.
 

[Frances]

37 minutes ago, Ting Tang said:

Okedoke. I tried to be polite, but you are being snide. Good night. 

Just exasperated. You seriously think politicians in big cities want to force you to give up your vehicle and ride a bus for an hour or more in a rural area to get groceries? And that would be thought to be cost effective or actually work? And they don’t care about people with families? Why do you think they are offering incentives to purchase electric vehicles and install charging stations, including for larger vehicles. It’s not one solution for all and it never has been. That’s just a politically divisive talking point.
 

And no, they don’t desire the same lifestyle for everyone. I’m sure most appreciate the diversity of experience and lifestyle. Although you sound like an exception, it’s actually more true that many rural people have no lived experience (outside of vacations) of the diversity of people and lifestyles that exists in more urban areas and generally spend more of their life in a more homogenous environment.

Edited March 5, 2022 by Frances

[Faith-manor]

1 minute ago, Arcadia said:

Stanford University’s Marguerite shuttle is free for all and rather well run. I could take the free shuttle from the train station to the cancer center and the Stanford Hospital. The shuttle also goes to three shopping malls where students can easily buy groceries and clothes. 

A nearby city has free shuttles that connects the senior center, teen center, the library, hospital, city hall as well as other places. They are very well utilized.

When we were at John Hopkins University for an event, we were impressed with their JHMI shuttles. Students could use those shuttles to go around town and get their groceries done.
 

I am envious of all of that. We have nothing from the sticks to any of the major places needed.

[Frances]

1 minute ago, Arcadia said:

Stanford University’s Marguerite shuttle is free for all and rather well run. I could take the free shuttle from the train station to the cancer center and the Stanford Hospital. The shuttle also goes to three shopping malls where students can easily buy groceries and clothes. 

A nearby city has free shuttles that connects the senior center, teen center, the library, hospital, city hall as well as other places. They are very well utilized.

When we were at John Hopkins University for an event, we were impressed with their JHMI shuttles. Students could use those shuttles to go around town and get their groceries done.
 

I think Faith Manor lives much, much more rurally than any of these places and JH and Stanford are very well endowed private universities which is not the norm in most of the country. Something more analogous, but likely still larger, are the free bus services in Eugene, OR or Iowa City, IA for all students, covered primarily by student activity fees. Or my small college used to have a shuttle once per week that  alternated trips to the two nearest big cities for a small fee.

[Faith-manor]

7 hours ago, Frances said:

I think Faith Manor lives much, much more rurally than any of these places and JH and Stanford are very well endowed private universities which is not the norm in most of the country. Something more analogous, but likely still larger, are the free bus services in Eugene, OR or Iowa City, IA for all students, covered primarily by student activity fees. Or my small college used to have a shuttle once per week that  alternated trips to the two nearest big cities for a small fee.

Yes. Like I said, the main hospital servicing my mother's needs is 100 miles from my home. My county has only about 50,000 in the entire county, and our largest town is 4,000 so that right there should indicate just how rural it is. An hour away, I get on I-75 north, and from there I am 6 hours from the next largest city, Marquette mi, roughly 21,000 people. How can I help people understand. Hmmm, I am 45 miles from the nearest area with limited, very sporadic taxi service. I am so rural that within our county there is no such thing as uber or lyft. We have no airport shuttle service because of the huge distance from airports that aren't much more than grass landing strips for crop dusting planes.

Edited March 5, 2022 by Faith-manor

[popmom]

8 hours ago, corbster98 said:

$4.39/ gallon here. More than $.30 increase/ gallon since yesterday. 

We went from $2.39 to $3.79 in less than 36 hours. That’s insane. Grateful it’s still under $4 a gallon for now. That’s what I remember from around 2009-10?? Under Obama while we lived in Texas. It got over $4 per gallon. 

Edited March 5, 2022 by popmom

[Carrie12345]

12 hours ago, AmandaVT said:

Here's one that's slightly more nuanced and less political. I miss the sub $1 days in the late 90's!!

My friends and I used to gather up random coins to fund joy rides. Can you even imagine how that will sound another 20+ years from now?!?

[Carrie12345]

We went from 3.79 to 3.89 (when I topped off) to 4.19, and now gas buddy says 4.39. That’s across 5 days.

‘The last time prices were at/near these, dh commuted in a Prius. We don’t have any hybrids today. 😞 

My dd is working with real low pay while figuring out her next steps. She basically has to work an hour (or more now) to earn the gas to get there. And that’s what we consider local.

Now I have to sit on all the work I’ve been trying to do to convince local politicians that they can’t continue refusing to raise taxes *at all* in the next 5+ years when they’ve already refused to for a decade. This is definitely not the time! 😬 

[Guest]

7 hours ago, Frances said:

When I’m in Europe riding a train from one small town to the next I’m not giving up my freedom or independence. In fact, I’m gaining something by being able to relax and let someone else worry about getting me from point A to point B.

Plus, no one is asking Americans to give up any such thing. It’s not either or. 

It’s extremely well established we are an incredibly selfish bunch and a good chunk of the population doesn’t care what’s best for others or the planet. Most are only going to do something if it directly benefits them. If things get bad enough at the pump and/or the incentives (rebates, tax credits, grants, etc) get big enough, people will change their habits (where possible) or acquire different vehicles.

I agree; when I was a young whipper-snapper, I took a public transport bus into work in the city daily. The best thing about it was freedom from having to do that stressful drive myself while having an hour to read a book, work on my cross-stitch (pre-cell phone) or just talk to the other commuters, some of whom are still my friends today. 
 

I wish it were an option for work and errands now. 

[Guest]

4 hours ago, popmom said:

We went from $2.39 to $3.79 in less than 36 hours. That’s insane. Grateful it’s still under $4 a gallon for now. That’s what I remember from around 2009-10?? Under Obama while we lived in Texas. It got over $4 per gallon. 

That so different from my experience though I hear that often. (The “under Obama” part). My memory of $4/g prices is from when Katrina hit LA and GWB was prez. (And that was my party then.) I remember the talking heads saying it was not GWB’s fault; it was due to refineries in the gulf being inoperable due to Katrina. I mean, that’s the excuse I heard at the time. But I live in a sky-blue state, not TX, so maybe they “saved up” their Katrina pain at the pump for after Obama was in office. 🤷🏻‍♀️

[Pawz4me]

I'm old enough to remember once--just over into VA, across the NC/VA line, when my parents bought gas for 17 cents a gallon. Gas was always a little less expensive in VA than in NC, so anybody headed that way always waited to fill up.

But of course salaries/wages and everything else was a whole lot less then, too.

[Faith-manor]

1 hour ago, Pawz4me said:

I'm old enough to remember once--just over into VA, across the NC/VA line, when my parents bought gas for 17 cents a gallon. Gas was always a little less expensive in VA than in NC, so anybody headed that way always waited to fill up.

But of course salaries/wages and everything else was a whole lot less then, too.

I can't remember it that low. I have vague memories of being in the 45cent range.

[Bootsie]

4 hours ago, Quill said:

That so different from my experience though I hear that often. (The “under Obama” part). My memory of $4/g prices is from when Katrina hit LA and GWB was prez. (And that was my party then.) I remember the talking heads saying it was not GWB’s fault; it was due to refineries in the gulf being inoperable due to Katrina. I mean, that’s the excuse I heard at the time. But I live in a sky-blue state, not TX, so maybe they “saved up” their Katrina pain at the pump for after Obama was in office. 🤷🏻‍♀️

The average price of gasoline was higher in the 2011-2015 timeframe than it had been in the decade leading up to that or than it has been since.  There are short-term spikes due to disruptions such as hurricanes closing refineries.  As far as long-term trends in the price of gasoline in the US, a major variable is the value of the US dollar.  Most oil is purchased in US dollars in the international markets.  As the value of the dollar falls relative to other currencies, the amount of oil that refineries get per dollar they spend falls.  Thus, their cost of producing gasoline rises as the value of the US dollar falls.  The red line below is the US dollar index.  You can see how the value of the dollar was falling in 2008 and gas prices rose, to quickly reverse in 2009,  then through the 2010-2014 period, the dollar decreased in value and the price of gasoline rose.  

[Idalou]

On 3/4/2022 at 10:35 AM, Lucy the Valiant said:

We are buying oil from Russia instead of USA. 

 https://twitter.com/Acyn/status/1499835688958631936?t=EDEZr0G8jqT9uSgWuH5ulg&s=09

 

This is Biden's spokesperson talking about the number of oil leases in the US that could be worked but are not. Does anyone know why this is?

ETA: I think this isnt political, there is no arguing or sneering from either her or the person asking.

[Pawz4me]

4 minutes ago, Idalou said:

 This is Biden's spokesperson talking about the number of oil leases in the US that could be worked but are not. Does anyone know why this is?

 

Profitability, or lack thereof.

This Reuters article from 2/8 addresses the issue. Short answer is that the cost of a barrel of oil has to be above a certain amount, and companies have to expect it to stay there, for it to be profitable to drill oil in the U.S. I think the shale oil referenced in the article is the extreme example of that, but of course it holds true for all drilling.

I only listened to that clip once, but I believe Psaki cited stats as of the first of the year. I suspect that today's stats are a lot different, and that more leases are being put into production. So much has changed in three months. On 12/31/21 the price of a barrel of oil was $75.21. Yesterday it was $115.68.

[Idalou]

46 minutes ago, Pawz4me said:

Profitability, or lack thereof.

This Reuters article from 2/8 addresses the issue. Short answer is that the cost of a barrel of oil has to be above a certain amount, and companies have to expect it to stay there, for it to be profitable to drill oil in the U.S. I think the shale oil referenced in the article is the extreme example of that, but of course it holds true for all drilling.

I only listened to that clip once, but I believe Psaki cited stats as of the first of the year. I suspect that today's stats are a lot different, and that more leases are being put into production. So much has changed in three months. On 12/31/21 the price of a barrel of oil was $75.21. Yesterday it was $115.68.

 Thank you. I have been reading comments from upset people saying we should be drilling our own but this admin won't allow it, and was curious if these leases would be enough to eventually make a difference in their objections.