Putting A Lid On That Pot
[QUOTE=VinnieKramer;5521830]Oil (WTI) is down about 10% from recent July peak. Does Uncle Joe get credit or has Trump been secretly reinstalled as President? I can hardly wait for the Arizona vote fraud report.[/QUOTE]
Go to this URL. Move your curser over the chart. View the retail gas price comparison Yr to Yr. You can change chart view to 3yr 5yr etc. to compare past to present. Chart is for Ohio.
[URL]https://ycharts.com/indicators/ohio_retail_price_of_gasoline[/URL]
Here are California prices for giggles to compare to OH.
[URL]https://ycharts.com/indicators/ohio_retail_price_of_gasoline[/URL]
Not all pipelines are the same
[QUOTE=Kenal1;5524716]Your explanation is right on! IMO, however, it could be argued that Biden's actions ARE a direct link since his actions caused the chain reactions that lead to the eventual price increase. It could also be argued that the commodity brokers did not "overreact", as you state, because Biden's actions on the pipeline signaled other actions that might be taken--I. E. , halting all drilling on public lands, his comments and desire for the "green new deal", etc. That's the kind of stuff that scares the hell out of commodity brokers.[/QUOTE]On balance over the last few years, the US imports crude and exports refined products. Keystone was designed to take crude and bring it south to the refineries on the coast where it can be refined into fuels FOR EXPORT. For us mongers in the midwest, that would have the effect of INCREASING the price of our wasted 45 minute drives to the Ghost Notel.
Gas has gone up because we are driving again. I know we like to see gas at $1. 99, but when that happens, it means the economy has gone to crap.
P.S. I doubt the commodity brokers are scared of the green new deal. In fact, I think they salivate over the prospect.