Gas prices explained

[K Graham]

The year is 2008, and gasoline is $5.49 per gallon in Florida. That's the equivalent of $7.17 today. Food for thought. https://www.wtsp.com/article/news/local ... Ivy9z5hJdM

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[Kishkumen]

So, in the past I have made a big deal about gas prices. Yeah, I am human, and I hate seeing those big numbers on the pump. But this is one of those things that becomes a rhetorical bludgeon for people who have no clue how economics work or of the impact of short-term political decisions on these kinds of things. Do I want cheaper gas? Yes. Do I think voting for one party or another is a guarantee that I will always have the low price I want?

No.

[K Graham]

So, in the past I have made a big deal about gas prices. Yeah, I am human, and I hate seeing those big numbers on the pump. But this is one of those things that becomes a rhetorical bludgeon for people who have no clue how economics work or of the impact of short-term political decisions on these kinds of things. Do I want cheaper gas? Yes. Do I think voting for one party or another is a guarantee that I will always have the low price I want?

No.

You're absolutely correct. Gas prices track with the global price of crude, which is driven by supply vs. demand. That's really all there is to it. The only time a President affects gas prices is to the extent that he can affect supply. Demand is out of his control, but supply has been rapidly increasing since 2009. Throughout the Obama administration US oil production doubled. It has risen under Biden as well, but US production isn't enough to offset the drop in production from other countries like Saudi Arabia

[Philo Sofee]

Heh.... and here I thought it was all Abraham Lincoln's fault...