Gasoline Prices Going Up!!!!!!!!

[EagerBeaver]

https://www.cnn.com/2019/09/15/investing/saudi-oil-prices-attack/index.html

 

[Sol Tee Nutz]

Good chance that the prices will go up before the lost inventories are to effect supply, money grab. In Edmonton gas is $0.85 reg and $0.99 premium for the moment. I know it is a lot higher than the US prices but better than most of Canada.

 

[Albacor]

All these are BS for price of gas ! all for speculators and scammers makes money! every daily news is a good opportunity for them: a hurricane in the Mexican golf, let's jack up the price! a bomb blew up in Baghdad, let's rise the price! Iran is tightening control of the strait of Hormuz, let's rocket the price of gas ! Yesterday the Saudi Arabia' refinery been attacked by drones, gas pumps already raise the price to $1.25
Who is manipulating and controlling the price? all these are base on information released ! who said the USA gas reserve is low? it's info released by someone! did anybody really count it? NO.
the reserve is for USA gas consumption for a year in case of war back in the years when USA imports all it's oil, now the USA is the second largest oil producer in the world !
Can someone explains it to me ?

 

[sharkman]

....Can someone explains it to me ?

Very simple explanation...despite the fact that the world is awash with crude oil there are not enough refineries in the U.S. to refine the crude into finished products like gasoline.

Prior to 2014 the last meaningful refinery built in the U.S. was 1993...yes 1993!

The reasons???...well building a new refinery costs billions of dollars much of which is spent towards environmental studies, litigation (because of environmental legislation) and the planning process. By the time the ground would be broken, most companies would have had to spend at least $750 million to $1 billion just to get to that point. With soft oil prices likely to be the “new normal” for at least the next 5–10 years, very few want to invest is the low margin end of their business.

 

[Cruiser777]

Very simple explanation...despite the fact that the world is awash with crude oil there are not enough refineries in the U.S. to refine the crude into finished products like gasoline.

Prior to 2014 the last meaningful refinery built in the U.S. was 1993...yes 1993!

The reasons???...well building a new refinery costs billions of dollars much of which is spent towards environmental studies, litigation (because of environmental legislation) and the planning process. By the time the ground would be broken, most companies would have had to spend at least $750 million to $1 billion just to get to that point. With soft oil prices likely to be the “new normal” for at least the next 5–10 years, very few want to invest is the low margin end of their business.

Mr Sharkman

Who are you, Some kind of a Oil Tycoon ?

People in the oil business couldn't explain as clearly as you did.

Although the West could have built few when the crude prices were $100.00+ for years ??? (That damn Trudeau).

 

[sharkman]

Haha Cruiser! Oil refining is a closely held market in North America...a monopoly!!!...hence price manipulation!!!