Why Are Gas Prices Going Back Up?

[alismith]

Gas prices have jumped about $.20-$.40 in the past month or two. I thought we were becoming less gas dependent in the past year...?

Cost of gas locally is anywhere between $2.67 and $2.47 depending on where you go.

What the hell is going on here?

[Richard Simmons]

Probably changing from winter blend to summer blend.

[davepool]

Yep, that happens every summer here. I was paying 2.49 for premium a month ago, yesterday it was 2.79, BTW, summer starts in march in AZ :dancing-banana-red-

[NAPOTS]

Paying 3.30 for premium

[BISHOP]

There isn't any reason why we (a country that exports oil) should be paying over $1 a gallon for gasoline.
trump has opened up areas for now drilling. Has he removed the Gulf of mexico ban that obama placed on just the US yet?
All of this should be bringing the prices down to DIRT.
Cheap fuel drops the prices of everything else in this country.


BISHOP

[Richard Simmons]

Increased oil production does really bring down gas prices unless you increase refining capacity which we haven't.

[5.56NATO]

Speculatas be speculatin!
Also, Russia and opec are at odds, opec wants Russia to reduce production so as to send prices higher - opec is losing their ass. Meanwhile, the opec nations that said they'd cut production have lied to opec, and so did Russia, so opec is still losing its ass with these low prices. Also also increased shale production in the US has kept the price low here inside the US, and this is what the Russians and opec face in the US market. Also also also, next Monday the chicoms are set to trade oil for yuan directly. Any country that tried to trade oil for anything but $ was invaded and toppled. Trump knew the chicoms were near to going straight yuan/oil trading and so he dropped his tariff bomb on them, chicoms are about to reply in kind. The chicoms are also about to fix a gold standard, pegging the yuan to actual gold. I don't know which is more earthshaking, but suspect it'll be their gold backing measure. This will reveal the farce that is all other world currencies backed by nothing but hope, while the chicom currency will be backed by chicom gold. This could create a huge cash flow from west to east.




I edited this to post the following funny response;
" snblitz Jack Oliver Sat, 03/24/2018 - 20:35 Permalink

GOLD backed ‘Petro Yuan’ OR $US Petro

The Petro Yuan backed by a lump of metal which may or may not be there (you don't know until you attempt to redeem) verses sub launched nuclear missiles (3 minutes from hatch open to explosion over target)?

I know where I will be putting my money."
https://www.zerohedge.com/news/2018-03-24/nomi-prins-collusion-central-bank-money-rules-world

[Gunreference1]

Gas Prices Rise 7 Cents a Gallon Past 2 Weeks, Expected to Climb

https://www.newsmax.com/newsfront/gas-prices-rise/2018/03/25/id/850688/

Steve

[5.56NATO]

China's new oil benchmark jumps more than 6 percent

Shanghai crude oil futures opened up more than 6 percent on Monday as China debuted its oil benchmark.
The launch of China's yuan-denominated oil futures marked a decade-long push by the Shanghai Futures Exchange (ShFE) aimed at giving the world's largest energy consumer more power in pricing crude sold to Asia.
https://www.cnbc.com/2018/03/25/chinas-new-oil-benchmark-crude-oil-futures-up-more-than-6-percent.html

[JTHunter]

Last week, the prices around here went up 30 cents/gal. to $2.599 but some stations dropped 10 cents two days later. This MAY have something to do with China's attempt to start its own oil trading and use their currency, the yuan. This is likely more of their efforts to replace the U.S. dollar as the world's "reserve currency".

[5.56NATO]

PetroYuan Futures Open - Over 10 BillIon Notional Trades In First Hour
After all the preparation, all the expectation, cheerleading and doomsaying, China's Yuan-denominated crude oil futures contract began trading tonight and appears to be off a good start with well over 10 billion yuan notional traded within the first hour.

So far it has tracked WTI futures well, trading at around a $2 premium to WTI (when translated from yuan to USD)...

....

This could be a death blow for an already weakening U.S. dollar, and the rise of the yuan as the dominant world currency.

But this isn’t just some slow, news day “fad” that will fizzle in a few days.
A Warning for Investors Since 2015

Back in 2015, the first of a number of strikes against the petrodollar was dealt by China. Gazprom Neft, the third-largest oil producer in Russia, decided to move away from the dollar and towards the yuan and other Asian currencies.

Iran followed suit the same year, using the yuan with a host of other foreign currencies in trade, including Iranian oil.

During the same year China also developed its Silk Road, while the yuan was beginning to establish more dominance in the European markets.

But the U.S. petrodollar still had a fighting chance in 2015 because China’s oil imports were all over the place. Back then, Nick Cunningham of OilPrice.com wrote…

Despite accounting for much of the world’s growth in demand in the 21st Century, China’s oil imports have been all over the map in recent months. In April, China imported 7.4 million barrels per day, a record high and enough to make it the world’s largest oil importer. But a month later, imports plummeted to just 5.5 million barrels per day.

That problem has since gone away, signaling China’s rise to oil dominance…
The Slippery Slope to the Petroyuan Begins Here
https://www.zerohedge.com/news/2018-03-25/petroyuan-futures-open-over-10-billion-notional-trades-first-hour

[JTHunter]

And the prices went up again today to $2.699 !!

[alismith]

And the prices went up again today to $2.699 !!

Jumped to $2.619, here, yesterday.

[Gunreference1]

Last Saturday, 03-24-18 I paid $2.359 for regular 87 octane. Today, 03-31-18 it's $2.529!

Steve

[rci2950]

went up here in Nova Scotia about 15 cents per gallon yesterday. no explanation.

[BISHOP]

I don't care what other countries are doing with their oil or currency manipulation. We pump and refine our own oil.
If we are exporting oil then we obviously have more than we need.
Gasoline in this country should never be over $1 a gal.
Once the gas prices goes down, then the price of everything will go down and then the price of refining gasoline will drop more.


BISHOP

[JTHunter]

went up here in Nova Scotia about 15 cents per gallon yesterday. no explanation.

Is there ever?

[5.56NATO]

Heard the other day the fedz are tapping the strategic oil reserve for some reason, selling it on the open market. One theory was to pump some cash into fed coffers... but I don't think that's very plausible.