If we’re producing so much oil, why am I paying $3.99/gal???
It’s because every conceivable world wide event causes US gas prices to go up. At least that’s what I get from the news.
Gasoline is priced globally - easy to ship. Natural gas, not easy to ship, dropped 80%.
The EPA has made it impossible to build a new refinery in this country and near impossible to expand one. China and India have growing gasoline needs, and based against essential commodities (food, fuel, etc.) the US dollar is losing purchasing power due to our insane economic policies of the last decade. Oh, and gasoline prices go up on perception and down on competion so when you have a press and a regime that need continual crisis you are bound to have prices go up on the uncertainty alone.