I see grocery prices going up....with rising diesel prices.

 

Yep, I have noticed that too

 

Sam's finally began to raise gas prices following the surge in oil during the last week. $3.42. Up 17 pennies from a week ago. (ignoring the 2 penny hike yesterday)

 

Today in Oakhurst about ten miles from Yosemite NP.

 

With higher gas prices this spring, I thought it would be interesting to hear from people in various locales what the cost of gas is where you are.

i’ll start. Regular gas near me is going for C$1.76 per liter. My trusty online calculator says that in American dollars that is $4.86/gallon.and that’s from a “brand name” gas station.

i am in Ontario, Canada.

 

We already have a gas price thread https://www.clublexus.com/forums/the...prices-17.html

 

how about we all chill and see the real issue is inflation. and what has caused inflation? out of control government spending and debt.

 

I'm kinda late to the party but I'm guessing by now people are realizing unnecessary wars of choice we can't win aren't really a good idea, especially when done on behalf of foreign countries. With gas prices here being nearly $6 a gallon.... thank God I own two Tesla's 👍. Basically costs me about $60 a month to fuel both of them.

So with the US accomplishing nothing but plunging the world economy into an energy crisis, the sun keeps both my cars going

 

If these current high gas prices are being caused by a drop in the world oil supply because tankers cannot get through the Strait of Hormuz, then WHY are we not seeing waiting-lines and critical shortages at the gas pumps (Costco excluded LOL) from that lack of supply like we did in the 1970s? Nobody seems to be addressing that question. The stations always seem to have gas, no matter what the price....which convinces me that something else is at work here, not supply/demand.

 

We will not see shortages here at home because we produce enough it will never effect us, issue is that the oil companies can now sell at massively higher prices to external customers due to the global reduction in supply.

Aka they raise the prices back here because otherwise it hurts their profit too much vs selling only overseas where people are desperate and there isn't enough supply

 

doesn’t work that way. u.s. does not supply 100% of its own oil needs. u.s. is a ‘net’ exporter, but still imports a ton… a load of which is from canada.

oil is a global commodity and global supply and demand drives the price globally.

 

Whoa! Sam's is $4.09 for regular around the corner from me. Prices jumped almost $.20 this week.

 

That IS happening in many places. I have employees in India, for example, who are under rationing orders for both fuel AND food. There are shortages in many European countries as well.

You don't see it in the US because we produce more than we consume, so while our prices are still driven by the constrained worldwide supply, we don't have shortages ourselves. Except for Jet Fuel, which is a problem for everybody. The IEA announced last week that the European supply will be exhausted in 6 weeks, and US airlines are cancelling flights and eliminating routes to conserve the supply here.

We are also in the midst of the largest release of oil from the Strategic Petroleum Reserve in history, which is both easing the supply shock and keeping prices from absolutely skyrocketing. The IEA members pledged an initial tranche of 400M barrels over 120 days back in March, 172M of which are coming from the US reserves. Contrast this with the start of the Ukraine war in 2022, when the first round of release was 182M barrels total, 60M coming from the US SPR. This time around, the US contribution alone is nearly as large as the 32-country alliance's initial release was then.

We are about halfway through that coordinated release, so if the situation continues into early July and the SPR release is not expanded beyond its already massive scope, things will get really interesting.

 

Because supply can be reduced without it being reduced to extreme levels.

 

Because those things have nothing to do with the current run up in gas prices. Its directly because if the conflict in Iran.