Posted on 03/16/2020 12:54:20 AM PDT by nickcarraway
Easily explained in the US, but Ireland?
Taxes.
It’s been like that for as long as I can remember. If the price of oil goes up pump prices go up instantly but if they go down it lags by ages.
Funny how that works.
“The biggest single component of retail gasoline prices is the cost of the raw material used to produce the gasoline – crude oil. Recently, that price has ranged between $50 and $70 per barrel, depending on the type of crude oil purchased. With crude oil at these prices, a standard 42 gallon barrel translates to $1.19 to $1.67 per gallon at the pump. Excise taxes add another 49 cents a gallon on average nationwide.
There are additional costs to refine, transport, and sell gasoline at retail outlets. As of January 2019, crude oil costs accounted for 53 percent of what people are paying at the pump per the U.S. Energy Information Administration. Excise taxes averaged another 17 percent. That leaves 30 percent for the refiners, distributors, and retailers.”
From here:
https://gaspricesexplained.com/#/?section=gasoline-taxes-by-state
Link includes a US map of gas taxes by state (IOW, your results may vary)
1.79 reg gas and 2.23 gallon diesel
1.67 here in michigan...
and massive refinery fire at Carson CA , Marathon Oil-one of the countries largest
I filled up on Saturday. $1.99 a gallon. Down ten cents from two weeks ago
True that! They always blame it on the spread but they sure do go up faster than the spread meets equilibrium when they are higher. I predict if this keeps up we will be investigating gouging, because there sure isn’t going to be much travel for awhile and the law of supply and demand should be working here..
1.64 here last night.
You don’t get 42 gallons of gasoline from a 42 gallon barrel of crude oil. That number is around 19 to 20 gallons of gasoline per barrel and around 11 gallons of diesel.
And refining capitity.
I got gas for $1.55 Saturday.
Capacity...
We need more refineries.
ASAP.
Gotta love MA. Gas is still is about $2.40 most places around me, although I go to a place that is currently $2.15. I consider that a bargain but I guess many other states are seeing significantly better prices.
Still don’t understand how, if the price of oil goes up, the price at the pump increases immediately but if the price of oil drops, it either takes a long time to show a little drop or it doesn’t go down at all.
Other than us being screwed which I do understand and we can’t do a thing about it.
Saw gas for 1.65 per gallon yesterday. I’d say prices have gone way down.
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