A barrel of oil now sells for less than most companies’ break-even point.
And the oil cartel may well decide to just wait and see what happens in the U.S.
On July 15, 1979, amid inflation and long lines at the gas pump, Carter made a speech that in many ways exemplified his presidency.
The U.S. Energy Information Administration reports that pump prices on average were 21 cents lower per gallon in 2024 than they were in 2023.
A sluggish crude oil market, moderate global demand and healthy U.S. refining capacity have combined to drive down fuel costs
Plus, we’ll look at the how gas prices can affect elections and do the numbers on the new COVID vaccine in this week’s newsletter.
With more efficient vehicles and fewer commuters, less gas is being consumed. But prices are still high for other aspects of summer travel.
The petroleum-producing cartel is trying to push global oil prices higher, but Americans aren’t seeing an increase at the gas pump.
The cartel wants to manipulate production to push up prices and demand.
It’s largely about the chemistry of the oil and the mechanics of the refineries. In many cases, importing foreign crude is cheaper.
