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WSJ: Why Gasoline Prices Are Rising Faster Than Usual This Year
Posted on 3/29/24 at 8:32 am
Posted on 3/29/24 at 8:32 am
quote:
Nic Malick felt so “road-trip rich” early this month that he and his wife drove their children 150 miles to Springfield, Mo., visiting friends and trying the brisket at Buc-ee’s, a convenience-store chain with a cultlike following. Another getaway isn’t looking likely.
“With gas prices the way they are, it doesn’t make sense,” said Malick, who lives outside of Kansas City, Mo., and is now spending as much as $20 more on gas a week.
Prices at the pump typically rise in the first half of the year as more Americans get back on the road and refiners transition to less-polluting summer blends. But costs in 2024 have ramped up faster than normal, thanks largely to severe weather at home and geopolitical disruptions abroad.
Unleaded gasoline ran $3.54 a gallon on average across the U.S. on Wednesday, according to AAA, up 3% from a year ago and about 14% higher than at the start of 2024.
quote:
The uptick has helped make inflation stickier than expected in the first quarter and weighed on Americans’ outlook on a largely robust U.S. economy. Gasoline and shelter contributed more than 60% of the consumer-price index’s increase in February from a year ago, according to the Labor Department, marking the first month since September that spending at the pump edged higher.
The Federal Reserve’s preferred inflation gauge doesn’t include volatile food and energy costs. Still, rising prices displayed on corner gas stations and highway billboards are constant reminders of economic pressures.
quote:
Record American crude output in 2023 surprised forecasters, and kept prices in check. This year, production cuts by members of the Saudi and Russia-led OPEC+ cartel have helped push up the price of benchmark U.S. crude by 16%, to $83.17 a barrel.
At the same time, fuel makers in the Midwest and along the Gulf Coast have taken a beating from winter storms and other disruptions. U.S. refinery utilization dropped to less than 81% for two weeks in February, according to the Energy Information Administration, the lowest nationwide run rate since the depths of the pandemic.
In Russia, meanwhile, an expanding Ukrainian drone campaign has hammered key refineries. The damage has required monthslong repairs and pushed the Kremlin to conserve domestic supplies by curbing fuel exports, which often end up in China, India or Turkey.
quote:
The good news for drivers: Some of the factors driving the price bumps are expected to subside in the coming months.
With so much money to be made, more American refineries have powered back up in recent weeks, promising to help refill storage tanks around the country. On Wall Street, traders are betting those incoming supplies will help push wholesale gasoline prices lower starting in May.
“There’s plenty of motive for refineries to run hot and run hard,” said Tom Kloza, a fuel analyst at OPIS. “The question is: Will they be able to do that?”
OPIS is part of News Corp’s Dow Jones, publisher of The Wall Street Journal.
In the summer, heat waves that scorched much of the U.S. strained fuelmakers’ cooling processes and forced some companies to dial down operations. Any disruptions this year would likely hit drivers’ pocketbooks hardest in parts of the U.S. that lack refining capacity, including many Western states.
“That is a region that can’t tolerate any issues,” Kloza said.
LINK
Bucee's and refiners: Stacked
Crawfish prices: fricked
Posted on 3/29/24 at 8:36 am to ragincajun03
This place has such a hard on for Buc-ee's and it's completely hilarious
Posted on 3/29/24 at 8:37 am to ragincajun03
quote:
trying the brisket at Buc-ee’s, a convenience-store chain with a cultlike following.
This person has never been to one.
I wouldn’t say it’s cult-like, but the stores are pretty amazing.
Posted on 3/29/24 at 8:40 am to ragincajun03
quote:
$20 more on gas a week.
How fricked up is your budget if $80 / month makes or breaks you?
This retard needs to quit taking vacations.
Posted on 3/29/24 at 8:41 am to ragincajun03
I’m not in the Buc-ee cult….but that place is so much more than a “convenience store chain”.
Posted on 3/29/24 at 8:41 am to ragincajun03
TLDR: Many corporations are using inflation as an excuse to raise prices and profit margins on a record level.
ETA for more upvotes:
ETA for more upvotes:
This post was edited on 3/29/24 at 9:20 am
Posted on 3/29/24 at 8:43 am to ragincajun03
quote:
thanks largely to severe weather at home
quote:
taken a beating from winter storms
quote:
In the summer, heat waves that scorched much of the U.S. strained fuelmakers’ cooling processes
fricking crawfish farmers!
Oh, wait......
Posted on 3/29/24 at 8:43 am to Bama and Beer
quote:
This place has such a hard on for Buc-ee's and it's completely hilarious
Wawa is superior
Posted on 3/29/24 at 8:44 am to ragincajun03
The answer is always...
1. Racism
2. Climate Change
1. Racism
2. Climate Change
This post was edited on 3/29/24 at 8:45 am
Posted on 3/29/24 at 8:47 am to GetCocky11
quote:
Wawa is superior
WaWa isn’t even as good as Sheetz, QuikTrip, or Billy’s.
It’s not in the same universe as Buc-ee’s.
Posted on 3/29/24 at 8:50 am to member12
I'm just ready for the Gulfport, MS one to open so all you Louisiana and Mississippi people will get out of my town faster because I live so close to the one on the Beach Express
This post was edited on 3/29/24 at 8:51 am
Posted on 3/29/24 at 8:51 am to member12
quote:
WaWa isn’t even as good as Sheetz, QuikTrip, or Billy’s.
Oof....Wawa makes a better sandwich than all those others
Posted on 3/29/24 at 9:05 am to GetCocky11
quote:
Any disruptions this year would likely hit drivers’ pocketbooks hardest in parts of the U.S. that lack refining capacity, including many Western states.
So why don't they build a refinery in the west somewhere?
Posted on 3/29/24 at 9:06 am to Bama and Beer
quote:
This place has such a hard on for Buc-ee's and it's completely hilarious
I passed by one once and decided I should stop and finally check it out. Then I saw a million cars in the parking lot and decided not to stop.
Posted on 3/29/24 at 9:13 am to Bama and Beer
quote:
This place has such a hard on for Buc-ee's and it's completely hilarious
The OT gets a hard on for beavers, sounds right.
This post was edited on 3/29/24 at 9:23 am
Posted on 3/29/24 at 9:17 am to Shexter
quote:
TLDR: Many corporations are using inflation as an excuse to raise prices and profit margins on a record level
You’re going to get downvoted because you didn’t blame Biden here, but you’re absolutely right. Biden’s policies can suck and what you said be true at the same time.
Posted on 3/29/24 at 9:18 am to Woodlands Tigah
quote:
The answer is always... 1. Racism 2. Climate Change
Interesting and thorough video regarding climate change, or the lack of it.
Climate Change Exposed
Posted on 3/29/24 at 9:20 am to Bama and Beer
quote:
I'm just ready for the Gulfport, MS one to open so all you Louisiana and Mississippi people will get out of my town faster because I live so close to the one on the Beach Express
Yeah that one is criminally undersized.
Posted on 3/29/24 at 9:21 am to bbvdd
quote:What is "amazing" about it? It's got clean restrooms, fine. But the rest is a bunch of crap you can buy elsewhere and decent gas station food. The clientele resembles that of a rural Walmart.
but the stores are pretty amazing
Posted on 3/29/24 at 9:22 am to member12
quote:
I’m not in the Buc-ee cult….but that place is so much more than a “convenience store chain”.
Yeah, I dropped in on the one in N Georgia off I75 last year on a road trip and it's like the Walmart of gas stations. And the folks in here who talk about the clean restrooms are not kidding, they were pretty much immaculate
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