The US Can't Make Enough Fuel

[CKN]

Until the credit cards are maxxed out gas isn't too expensive.

You are assuming every one carries a credit card balance. That is an INCORRECT assumption.

 

[CKN]

It's one thing to be 'retired' and spending exorbitant amounts on fuel for leisure purposes versus those who commute to work and have seen the cost doubled since January 2021. Many of those people were barely making ends meet to begin with.

Then again-there are still many working from home. "Exorbitant amount" is relative.......

 

[2strokeNorthstar]

Glad I’m not one of the many with a $900 a month truck payment and $6 gallon gas. I hope everyone else goes and buys an electric car so I can have plenty of cheap fuel.

 

[Ignatius]

Until the credit cards are maxxed out gas isn't too expensive.

The only silver lining for me with higher gas prices is that I get 4% cash back on gas station purchases with my credit card.

 

[MNgopher]

As stated, you can tell who read the article and who didn't.

Crack spreads on gasoline are 76% higher than the 5 year average. Jet fuel is 275% above the 5 year. Diesel is 220% over the 5 year average crack spread.

Has nothing to do with supply- there simply isn't more refining capacity to be had. Projections are for refiners to be running at 95% of capacity this summer... All the low profit, needing expensive maintenance, etc... capacity was taken offline when the economy faltered in early 2020. It isn't coming back anytime soon...

 

[ripcord]

People need to remember that refined fuels are sold on commodity markets just like wheat, pork bellies and cotton. Producers do not directly set prices, so their profits are not fixed. This leads to situations like we are in now where the competition for a limited resource has an oversized influence on the price.

 

[Oillover]

You are assuming every one carries a credit card balance. That is an INCORRECT assumption.

Yes, assuming "everyone" is carrying a balance is incorrect.
A correct statement would be that "most" are carrying a cc balance.

 

[Jack Watts]

As stated, you can tell who read the article and who didn't.

Crack spreads on gasoline are 76% higher than the 5 year average. Jet fuel is 275% above the 5 year. Diesel is 220% over the 5 year average crack spread.

Has nothing to do with supply- there simply isn't more refining capacity to be had. Projections are for refiners to be running at 95% of capacity this summer... All the low profit, needing expensive maintenance, etc... capacity was taken offline when the economy faltered in early 2020. It isn't coming back anytime soon...

come on now... facts don't matter. It's all about using twisting whatever is happening to fit the narrative I want to believe!

 

[odie]

So many gas ( fuel ) crises over the decades and very few have learned .

 

[ripcord]

come on now... facts don't matter. It's all about using twisting whatever is happening to fit the narrative I want to believe!

BITOG needs a sarcasm emoji

 

[M56959]

Well that test went as expected.