Who really controls the fuel prices?

[Anonymous]

No wrong answers on gag

I want to know what each of you gag members believe.

[MisterWack]

Supply & Demand, The Middle East, Shifts In The Market, etc.

We had a Global Pandemic which meant people didn’t drive, not driving meant not using gas, not using gas made the price go down.
Once people started to drive back to work, vacation spots, the park, etc. that is when prices went up. Though Americans should’ve been lucky because Europe & Canada got it worse though politics played a big part in that.

When the wars overseas picked up, so did the gas prices.
Now, we are at a point where no one wants to admit a Presidential Administration has no real control over the economy & gas prices THOUGH since the main reason was to elect an orange baby to fix egg prices and such, why is it no one holds him responsible 0.3% higher than last month and 3% higher than last year. Trump is responsible since he is in office. I haven’t seen anything. Just my thoughts and feelings, don’t flip flop once your leader flip flopped on you.

[loveslongnails]

For most of the world, OPEC controls fuel prices. That doesn't mean they set prices in every country, but their production levels determine more than you realize. There are a few countries where the government subsidizes fuel costs and gasoline is very cheap, like Libya and Venezuela, but there is also far less demand in a place like Libya.

It's rare that a President influences gas prices, except when they fuck it up like Trump did in 2020. He precipitated an agreement with Russia, Saudi Arabia and other oil-producing nations to raise prices by slashing production. Brilliant.

If you really want to learn something about gas, oil and energy, go on TikTok and look up Mr. Global; nothing but the facts and no political bent, just calls it as it happened and as it is happening. Be prepared to unlearn everything you THINK you know about energy.

[OneViewpoint]

Anyone who believes oil is a free market is a moron. OPEC and several other nation state players and large private corporations in the west collude to keep profits high. It has less to do with supply and demand than profits and politics. It's an excellent example of the instances where Capitalism utterly fails.

[WindAtMyBack]

It's WORLD supply and demand. Every country uses oil. There are well over a hundred of countries that produce oil.

NOBODY controls oil prices other than the portion that is tax. OPEC has tried to control prices, but their influence is limited.

The only real control over gas prices is tax. That is by far the biggest difference between gas prices around the world.

[Syntosi]

Simple answer: No one. The price is set globally through the open market.

More complicated answer: OPEC is responsible for a large part of the production of oil and is willing to manipulate the output to change the price in the direction they want.

[seeyounexttuesday]

Supply and demand. However, given that there are extremely high barriers to entry to the market, and certain suppliers openly collude, it's not exactly a free market. That being said, an individual - let's say POTUS - can influence the global supply. Inflation - by creating - oh lets say 40% of the dollars ever printed during a 4 year presidential term - can also affect prices.

[HenCowbo]

@seeyounexttuesday No. God determines all's

[seeyounexttuesday]

@HenCowbo You're a weak troll. Try again.

[Stevepro68]

Supply and demand with multitude of factors. None really that any US president can effect. Other than declaring war or nuking and oil producing country. The biggest impact is from OPEC and the slow reduction of American refining capacity.

[RedInnocent69]

The price at the pump has little to do with international oil prices. It’s collusion between local gas stations

[TwoToTooTutu2]

A fuel market set by Private and Public institutions.

[OddBeMe]

I'm sure lots of variables. But corporate price gouging is pretty fckin big one

[HenCowbo]

O' course, god almighty. All's that happens 'i the universe is within his knowledge

[Agape93]

The companies that sell it

[exitseven]

The law of supply and demand.

[Anonymous]

basic economics and resource availability

[69Lonely69]

I think its set by the nations that produce it?

[Twalli]

Natural gas companies.

[MikeRJ]

Consumers and OPEC.

[Anonymous]

The government who whack so much tax on the stuff

[beefcakebradybatson]

OPEC.