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Just The Facts, Ma'am
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<blockquote data-quote="Up In Smoke" data-source="post: 5277306" data-attributes="member: 79702"><p>National average cost per gallon was 2015: $2.51, 2016: $2.20, 2017: $2.47, 2018: $2.79, 2019: $2.70, 2020: $2.20, 2021: $3.28. We haven't had sub $2 dollar gas since 2004. Fuel prices dropped in 2020 because of little demand not because of more production. Domestic oil production dropped from nearly 12 million barrels per day in 2019 to under 10 million per day in 2020. These are publically held companies with with massive influence on the economy. They are legally and ethically responsible to create as much profit for their share holders as possible. Producing more product and forcing down the price would be bad business. In March of 2020 the Saudi's took aim at trying to crush Russia buy flooding the market with oil. This move caused a nearly 40% drop in oil prices and sent oil executives into a panic. US oil companies were forced to slow production and futures traders were forced to pay to unload their physical oil. OPEC controls the price, not US producers.</p></blockquote><p></p>
[QUOTE="Up In Smoke, post: 5277306, member: 79702"] National average cost per gallon was 2015: $2.51, 2016: $2.20, 2017: $2.47, 2018: $2.79, 2019: $2.70, 2020: $2.20, 2021: $3.28. We haven't had sub $2 dollar gas since 2004. Fuel prices dropped in 2020 because of little demand not because of more production. Domestic oil production dropped from nearly 12 million barrels per day in 2019 to under 10 million per day in 2020. These are publically held companies with with massive influence on the economy. They are legally and ethically responsible to create as much profit for their share holders as possible. Producing more product and forcing down the price would be bad business. In March of 2020 the Saudi's took aim at trying to crush Russia buy flooding the market with oil. This move caused a nearly 40% drop in oil prices and sent oil executives into a panic. US oil companies were forced to slow production and futures traders were forced to pay to unload their physical oil. OPEC controls the price, not US producers. [/QUOTE]
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