Gas jumped 50 cents a gal overnight

[KS Toronado]

local news was talking about it and blamed it on the Iran war.

I keep hearing the U.S. is the largest oil/gas producer in the world, none of our gas comes from the middle east.
Pure greed by big oil ! How much has it jumped where you're at?

[Emile]

1. It jumped easily around 50 cents a gallon

here in Western Indiana.

[Klarkashton]

2. Oil prices are global. The price always goes up at the pump

Immediately it's a commodity, they don't factor the price based on what's already in the storage tank that was bought a lower price.

[lapfog_1]

3. oil is a fungible commodity

and storing vast quantities is expensive ( better to leave it in the ground until needed ).

This implies a "just in time" supply chain involving all the oil producing countries in the world.

Any large interruption anywhere causes oil to rise everywhere.

Unless we put export restrictions on our oil ( and we don't import any ) our production is just a fraction of the world oil supply.

[Srkdqltr]

4. Of course. It always goes up when there is turmoil someplace.

[markie]

5. 20 cents

so far... I expect it to go further

[FloridaBlues]

6. I filled up yesterday 2.88 gal. Today 3.30. Same station.

[wildflowergardener]

7. Gas

So Trump drew the attention of people to gas prices just before he did something that will make them jump up. I would say that’s not very smart but as we know he’s not very smart.

[Maru Kitteh]

8. I leave for work at 04:30, and got gas as soon as I left the house that morning $2.58

Who knows what it is now. I’d better order some propane for the house too.

[hamsterjill]

9. 20 cent jump

$2.79 last week and $2.99 today for regular unleaded. San Antonio area.

[Melon]

10. We are also dead on refineries turn around season and more expensive summer blend.

[Ron Green]

11. It'll take $10 a gallon for behavior to change.

You know, where drivers don’t sit in idling cars while they read their phones, or make long daily commutes alone, or shop for large pickups and SUVs they really could do without.

[KS Toronado]

14. Or idling through long lines at fast-food pick-up windows.

Couple weeks ago I went to a Taco Tico, car in front of me went in the pickup lane. I walked in ordered,
received my burrito, ate it and was leaving when they finally got to the pickup window, about 20 minutes.

[Ron Green]

18. Yeah $15 a gallon would stop a lot of that nonsense.

[flvegan]

12. Rockets and feathers. n/t

[Rhiannon12866]

13. Oh, great! Gas here in Northern NY finally sank just below $3 a gallon...

I remember back-in-the-day when my cousin drove me to school and she stopped for gas - but it was 47-cents-a gallon so she looked for a less expensive gas station..

[Dave says]

19. Adjusted for inflation, 45 cents in 1975 is $2.81 today

That does not mean wages for the many of us inflated at an equal pace. In fact, the opposite is true.

[D_Master81]

15. 50 cents here in Indiana

I was surprised it didn’t happen sooner but it finally jumped last night here to 3.29 from 2.79. Oil is a global commodity so even if we don’t use middle eastern oil it’s all priced the same. Having it here just means if they were to ever shut down or cut production we wouldn’t see gas lines like the 70s.

[Jacson6]

16. I live in rural CA. the cost has been fluctuating from $4 to $6 for the last few years

We do have a last chance gas station that charges $7 a gallon and they make a lot of sales on the weekend.

[KS Toronado]

17. Ouch !