Can someone explain to me why it affected US gas prices at all?
We import no oil from Iran, it all goes to China, Japan, India, and South Korea. So I can see THEM paying more but why us?
I understand supply and demand but there is just as much supply as there ever was, and the war hasn’t diminished the number of refineries or the cost to operate them. Why cant OUR refineries continue to turn OUR oil into gasoline and if the situation in Iran raises the cost for those countries that depend on it, that’s their problem and they should pay more.
We still get 10% of oil from the ME. Oil is a global commodity. Higher prices across the world creates more bid everywhere. Why would domestic refineries sell here if they can sell at a higher price in Asia?