So why can’t we have cheaper gas?
We use 20 million barrels a day, produce only 11 million.
“So why can’t we have cheaper gas?”
1. In real terms, gas is cheaper now than it has been in the past 30 years.
https://www.usinflationcalculator.com/gasoline-prices-adjusted-for-inflation/
2. There is a global market for oil. The price of oil-derivatives will generally reflect the world marginal cost of extraction.
Lol.. in real terms.. truthfully, the winter blend is cheaper, yet we are paying more than early August here. I asked myself that when gasoline shot up 16 cents a gallon, after the supply increased. I dread seeing the summer blend prices.
I have always said two things.. one, let the ME drill the sweet light and cheaper to refine crude. If it is a finite supply.. wouldn’t we want to hold on to our last card? Our oil is more expensive to refine.
Now I think the future is electric cars, so the ME will lose its luster, let’s drill baby drill.