Posted on 07/28/2023 8:32:47 AM PDT by ChicagoConservative27
Actually no.
The reason was a new floor for fuel prices set in the fall and winter before last.
Prices escalated when they normally dropped due to less driving in the colder months after the vacation season.
The reason for the increase wasn’t the lack of oil. It was the huge amount of fuel we exported to South America.
Inventories in the US dropped to the lowest level in decades which caused commodity traders to bid prices up.
BTW, that fuel could not have been exported w/o export permits from the Biden dis-administration.
It’s vacation time so gas prices rise every summer.
I have not followed the USA energy market for a couple years, so this information may be out of date...
In the past, almost 100% of the fuel the USA exported was ethanol, wood chips, and natural gas.
Foreign crude oil was often shipped to USA Gulf of Mexico refineries, and then re-exported to Latin America.
The USA "energy surplus" during the last few years of the Trump Administration was actually a "BTU (total British Thermal Units or heat potential) surplus."
The USA has not been self-sufficient in gasoline for many decades, probably since the 1960s.
Might be close to an FR record ;-)
3.56 in Athens TX. Holy moly.
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