Why haven't gas prices gone down?

grampi said:
Production and exploration restrictions have been lifted, and OPEC has actually increased production, and yet gas prices remain high? Why?
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They are trending down, but it takes a long time to get production up. The bad news is that OPEC is considering raising prices.
 
Jerrysends said:
Americans will continue to buy gasoline at any price. Big oil knows this.
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It's a good thing there is competition amongst refiners and retailers then isn't it?

It's called price elasticity. Demand basically doesn't change as the price changes. It's a fundamental principle of economics.

During the covid period XOM lost $23 Billion and in 2023 they made $23 Billion. I didn't hear many complaining that over a three year period XOM made net $0.
 
JohnnyG said:
When I was in the business, a VP had a presentation and told us that there was more profit in selling Twinkies than a gallon of gas.
I suspect that is still the case.
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Yep, pretty sad here in SW PA as Marathon station down road from me now has “game of chance” games inside too. Shame we have fallen this far. Even Speedway up road 3 miles from me followed suit.


Anyways both stations either cater to gamblers and they sell tons of “vape” stuff and or tobacco and alcohol; not fuel.
 
I have a friend that was an amateur day trader and his wife was left an inheritance and he traded Phillip 66 partners only and soaked them for over $206k in one year and he even complained about the price of gas..
The American way 😁

His brilliant wife stopped his day trading because she wanted dividends because she wanted to be able to budget- burn the money beforehand. Needed to do the math.. Can you say stupid?

Through my unscrupulous tutelage he opened up a second account and traded himself to glory naturally hiding the money from her spendthrift greedy little hands.

I carry no shame ....


wwillson said:
It's a good thing there is competition amongst refiners and retailers then isn't it?

It's called price elasticity. Demand basically doesn't change as the price changes. It's a fundamental principle of economics.

During the covid period XOM lost $23 Billion and in 2023 they made $23 Billion. I didn't hear many complaining that over a three year period XOM made net $0.
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Zee09 said:
I have a friend that was an amateur day trader and his wife was left an inheritance and he traded Phillip 66 partners only and soaked them for over $206k in one year and he even complained about the price of gas..
The American way 😁

His brilliant wife stopped his day trading because she wanted dividends because she wanted to be able to budget- burn the money beforehand. Needed to do the math.. Can you say stupid?

Through my unscrupulous tutelage he opened up a second account and traded himself to glory naturally hiding the money from her spendthrift greedy little hands.

I carry no shame ....
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Hey I’m checking my blood pressure here.
 
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