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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.
Stay with us here — think about chicken parts. Higher demand for white breast meat means an excess of chicken legs.
Gas is close to the $3 per gallon mark and has broken that in parts of the South.
Several factors are keeping prices at the pump low — including the greater number of EVs and hybrids on the road.
Production cuts may no longer be as effective at propping up prices because electric vehicles are cutting into global demand.
