Marcusleo
89993
802
22
Mar 10, 2022 1:08 AM
Marcusleo
89993
802
22
Lightsmith
And as speculators sell off now that prices when up.
CNNMSNFOX3
Lmaooo, do they think the UAE did this for charity/free? This is a business move
hesaidsarcastically
I guarantee you that you and I will be paying this new high price forever. And the oil companies will silently take the extra money.
MerenKing
Plunged WHERE??? Paid $4.30 a gallon in Ocala, Florida this morning. Prices are still rising here.
LaughingMan2Gig
Don't ever thank the UAE.They are still going to make a shit load of money&use it to commit similar crimes as Russia in Yemen
TheMightyMoto
See if gas follows.
bobgunrunnersmith
Thanks Biden! Now every gas company CEO will have to settle for a used Russian yacht!
TheBlueMuppet
Gotta say, i bought gas yesterday and it was 70 cents higher per gallon than my last fillup, but this morning it had gone down 7 cents.
epicurusaquinas
Allowing myself to hope in a world of constantly being peer pressured to dread everything. Waiting for it ..
AnythingMuchShorter
Ever notice how gas prices shoot up instantly on news that oil might get more expensive, but when oil gets cheaper gas takes months to fall.
pablozzyzzk
And gas prices go up again, because, you know, Biden, or Ukraine, or Market Economy, or....
idonthavetimeforthiseither
If the prices drop, all the nimrods that blamed Biden for the rise should now credit him for the drop....yeah, nah, that's not happening.
WoodHandle
Just another good reason to get off the oil teat.
LoPhatJoe
Price gouging will still happen
trippingthelightfantastic
VaultGirl69
This is normal behavior between the UAE and Opec. Every time one gouges, the other produces more. It's weirdly symbiotic.
sfbiker
But it'll take 90 days for that price to reach gas stations, even though gas stations prices go up immediately with crude prices.
GrimNyrah
No matter how oil prices drop, fuel price won't go down. The profit margin will just get bigger for the suppliers
Sm9yCg
futboldude18
Just proof that all these prices are games the oligopoly plays, not “market forces”.
trippingthelightfantastic
alfmeister6227
Don't get excited. They have since said it's not going to happen in the immediate future.
cakeordeathdeathimeancake
Good, earlier I saw they were ignoring and not talking to Biden.
SirShmoopyofAwesomtown
Because biden controls gas prices?
cakeordeathdeathimeancake
no, its not Russia or Bidens fault, its the futures being bought up raising prices not the small % of Russian gas or the President.
droidgee
Price gets high enough where people start thinking about carpooling, working from home or public transpo...spigot starts to run dry.
or0b0ur0s
Exactly. Rising energy prices are like a game of chicken. Turn too early, you obviously lose. Turn too late... EVERYONE loses.
Nathanasaur
Oh great. Now we can stop getting oil from a brutal fascist autocracy which routinely commits horrific human rights abuses... oh wait...
activeracer28
I know this one. Crude oil cost drops significantly, yet we still keep paying the same price. Weird how that works./ s
mikenco
They haven't done it out of the goodness in their hearts. There's a few quid to be made!
pashabigdog
I think they wanted increase production for some time now? But Russia opposed it as part of oil gang? Now they got a good reason to do it
mikenco
Indeed. Probably big cartels among the giants who avoid treading on each others toes to ensure they ALL make big bucks.
YouWillNeverFindMe
OPEC has profit goals, I guess they met their 2022 profits already...
hipshopbutcanthap
Their old 2022 goals. Still haven't met their new ones
Rhythmaster
Not a fan of OPEC (or oil in general) but it's important to lower oil prices right now so that Russia doesnt cash in on high prices. Whether
Rhythmaster
This has any effect on gasoline price in USA I have no idea, it SHOULD lead to lower gas price, but who knows, they can dick you around cuz
Rhythmaster
Basically everyone in your country is forced to drive a vehicle and purchase gas, there are no other options, it's designed that way.
Rhythmaster
Oil price goes up = gas price goes up. Oil price goes down = gas price goes down slightly, maybe, if the overlords feel like it.
ExTechOp
https://twitter.com/RBReich/status/1502021661930917890
Hooooooo
Not so much designed that way, it's just a big area. with more accessible area people tend to spread out. Large cities have decent transit.
yeahhedugit
I think that was retracted. The guy that promised that didn't have authority.
LewdDreams
This likely isn't altruistic of them; this is about kneecapping rivals by flooding the market again like they did awhile back. 1/?
LewdDreams
With Russia out of the picture, it's just them vs non-Middle Eastern Big Oil. All they have to do now is crush their earnings. 2/?
LewdDreams
Exxon/Shell/etc won't be able to enjoy fat profits if OPEC floods the market again, leaving them unable to further expand drilling. 3/3
crimsonghost1
I'll beleive it when gas goes back below $5. Assholes think they can get away with this being the "new norm"
prodmerc
Been paying $6/gallon for a long time... It's not the end of the world. Oil is gonna get more expensive the more shit goes electric.
tmutrmn
it's already 10,40 in europe, so shut...
TheJackKetch
Oil that cheap would be disastrous for all the renewable energy projects taking shape
KillingTlme
Gas prices go up hours after the price of oil goes up. Gas prices go down weeks to months after oil prices go down.
ExTechOp
https://twitter.com/RBReich/status/1502021661930917890
25schmeckles
It’s still like $3.50 in Orlando, but I remember paying five-ish in Hawaii last time something like this happened in 2008
BluePaladin42
I 100% oil prices are going down. I also 100% believe gas companies will continue to gouge if they think they can get away with it.
ExTechOp
https://twitter.com/RBReich/status/1502021661930917890
ProfessorChaos
Yep. Closest station to my house went up 35 cents a gallon while I was at work today.
YouThinkThatsBad
Maybe the US will finally get behind better public transit instead of widening our highways for the upteenth time
annyeonghaters
That would be great but solutions can be twofold, solving both long term and short term issues
markiel
Ha...hahahahahahwhwhwhq
markiel
I cry
jethroismaxbaer5772
It's only worth as much as someone is willing to pay for it.
hoehandleharry20500
Vote solar and wing.
QuantumReek
This. Disturbing that OP is thanking UAE at all.
FlyingScotsman27
They have gotten away with it, so far.
ragazzino
The quicker we leave oil, the better.
INeverWaitForIt
I kinda hope it remains high. Back when the US melted down in '08, the rise in gas prices pushed consumers to buy more fuel efficient
BreakablePotato
Great on paper. But the people hurt most by gas prices are not the people buying new SUVs or new anything.
natabus
Agree. The long term solution is to make gas obsolete, for both environmental and geopolitical reasons. Wish more people thought long term.
nanyatenyaa
Poor people don't have the luxury of thinking long term. If they can't afford to drive to work... its "I guess I'll just die then."
INeverWaitForIt
Thing is, poor people are never going to get ahead if the system remains static.
SweetMystique
We have 1 midsized SUV. It's our 1 vehicle, we need the space and the AWD. SUV drivers aren't the enemy here.
INeverWaitForIt
vehicles. As soon as the prices came down, jackasses went right back to buying oversized SUVs. High gas prices could lead to less pollution,
INeverWaitForIt
less traffic, and a greater push for work from home.
annyeonghaters
Cool but even with my already hybrid car I am hurting by gas prices. I have to drive and can't afford an electric vehicle...
iguessihaveto
Also apartment dwellers would struggle with them because where do you charge it? We need incentives or mandates for complexes.
annyeonghaters
Even renters in houses because not all landlords would allow the installation of a charger because they're douchewaffles
Mas7er
*laughs in $7 California diesel*
triggrhaapi
Where I live, Propel HPR, a renewable Diesel #2, is about $5.69 per gallon.
ramram70
*laughs in 2,2 euros per liter Finnish diesel*
Rasdwa
*laugsh in 2,5euros per liter German diesel (10,4 USD per gallon)*
RottedOnion
It's been this high before, higher adjusted for inflation. Too bad we still drove mostly huge gas guzzling SUVs and pickups.
annyeonghaters
I wouldn't say mostly...
SubtleOrc
bippityboppitybuttsex
It is down 13% today.... just today
AmurTiger
Still up 10% since start of conflict and 63% since a year ago.
theredacted
Idk if people have noticed this but GAS prices go up weeks before oil does, yet falls back down months after oil goes back down
theredacted
Wonder why
ButcherofBakersfield
Futures trading is why. You can buy and sell a hypothetical barrel of oil that wont be made for 6 months. Thats why. And corporate greed.
MyNameIsJesusAndIStealHubcapsFromCars
some mysteries just cannot be known \s
Mas7er
Gas went up 20c overnight here lol
angryregistrar
Got gas yesterday morning at 3.83$. Today they were 80c more expensive.
Phinalize
UK average per US Gallon: $7.87 (£1.59 per litre). Americans are paying £1.21 per Litre
ExTechOp
Helsinki prices were 2.01€ / liter when I drove to Northern Finland for vacation, I've now seen here 2.32€ / liter prices.
Phinalize
€2.01 works out as £1.69 ? that's the highest I've seen so far in the UK for petrol and that's your average ?
Phinalize
I hope for all our sakes it drops globally, but I'd love to pay £1.21 per litre again...
Phinalize
Based on a conversation of £1 = $1.31 (Google) and averages taken from Experian Catalist for UK average price
rowanmc
I mean, they can, so long as people keep buying it at $5...
markiel
Which they will because it's inelastic, nearly completely. I'm lucky in that i work 5-10 minutes from work. Still contemplating biking in
sinogard
And what is the alternative? Many cities dont have adequate public transit. Quit my job? Find something closer? If unregulated it is \1
sinogard
The new norm. \2
Rhythmaster
It's by design that everyone in USA is forced to drive a car and purchase gas from the cartel.