Who controls the gas prices?

The Fairy Gas Mother is the one you'll want to talk to.

Boe Jiden

Supply and demand and speculative supply. Oil takes a while to be turned into gas. When a oil pipeline is turned off that means that there will be less oil thus gas in the future which increases the price sooner rather than later.

Biden doesnt think it's his fault for increased prices. Yet it completely is as under trump we were a net exporter of oil. Where did that production go?

I HIGHLY disagree with his use of our strategic oil reserves too. We need to save that shit until we actually need it. Not when gas is a dollar higher.

As WeirdGuy says, it's a supply and demand thing.

Something never seen before in the oil market happened in the early stages of the pandemic when demand for oil suddenly fell drastically: for a brief period in April 2020, the price of a barrel of oil went negative. There was so much more oil in the production, transport and refining pipeline than there was demand for it that companies were willing to pay those with spare storage capacity to take the stuff off their hands. (Not that anyone ever saw gas stations offering to allow people to fill their cars for free.)

Russia is a major exporter of oil and gas. When virtually the whole world decided to punish Russia for its invasion of Ukraine by sharply reducing the dollars it receives from international oil sales, there was suddenly a situation where a lot of people wanted to buy oil, but there was less of it available. This means that crude oil prices have shot up.

Its controlled by global supply and demand.
Generally less oil in the market = higher prices and vice versa. This why I'm hoping that Biden gets Venezuelan oil traded on the market to replace Russias so prices will fall back down. It looks like its a possibility theyre in talks of doing it. It'll be a big accomplishment for his administration if he does it and causes prices to go back down.

Unfortunately I dont believe he's gonna allow us to pump more US oil that would upset the environmental activists in his party even though it would create alot of 200k a year jobs.

Overall world demand and supply drives the major part of gas/oil/natural gas prices.

The second largest adder is usually government taxes.

Next is the cost to transport it to your local gas station or to your house/business.

Oil company profits is the smallest factor - they do need to make at least a reasonable profit to justify staying in business and supplying consumers with gas/oil/natural gas.

The goblins

Ya nan

Boss Hog

Illuminazis

Solid take.

I don't know why, but when I read your post I immediately thought of this
https://youtu.be/Hgq4w4dqKsU

The gas prices are controlled by many who all want a profit from it including our national & local governments who apply their taxes.

Steve

I can't even with this one! They're over the roof, mine at least!