That there has been wild money “printing” as well as massive deficit spending is true, but blaming the equally wild recent increase in the retail price of gasoline upon this is not at all accurate.
The dollar has been relatively stable vis-a-vis other currencies for over two years.
I’ve been under the impression that refinery capacity has been a problem, but that has been refuted on this thread.
That leaves sabre-rattling in Iran. Speculative excess in anticipation of a blockade at the Straits of Hormuz is the only explanation. Once the threat has been neutralized, there will be a price decline on par with that of 08 - 09. The demand is just not there, not here, not in Europe, not in Asia. We’re in worse economic shape, globally, than we were then. Domestic production has increased to the point that we’re a net exporter for the first time in, what, thirty, forty years?
Not production, only refining. We still import a huge amount of oil. We are a net exporter of refined products only.
How brutal is that?
Then throw in all the other taxes, sky high every rising food costs, rent, insurance etc., etc.
They are done.