Gas prices rise and fall but where is your money actually going? CNN's Jon Sarlin breaks down what goes in every cent at the pump. #CNN #News
This is what determines the price of gas
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Exxon had record level profits which clearly shows that corporations set the price
Supply and demand.
Exxon, Shell, and all other gasoline producers have record profits because their profits are set to the price of a barrel of oil. When the price of a barrel of oil is high, they make more profits.
The oil produced in America is produced at the same cost per gallon that it was produced at before, but they are allowed to sell it at a rate equal to the World Standard which is far more than their price of production at this point – hence, the profits.
A far as price per barrel, that’s pretty much set by OPEC which America has very little control over.
Want to help escape this loop? Go solar and Green energy – which the oil producers throw their money at to try to prevent. And, yes, you can power your electric car with solar energy.
They dont have to answer to anybody. i remember they used to have those meetings on tv with these big oil execs about how they made so much money and where it came from and they just wouldnt answer the questions.
@unaffiliated043 I’m gonna go with the road fairy. What about you, Troy?
@bukktoof’s channel Uhh, it’s because they “set” the record high oil prices. It doesn’t come out of the ground with a price tag on it.
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Dear followers please spread the channel mathematic in the widest and thanks for you
@John David Wolf I’ll take that as a yes.
“MY BUTTS BEEN WIPED!” -Most popular president in history. 😆😆😆
Don’t remember that quote but I remember this one ” if you have a problem figuring out if your for me or Trump Then YOU AINT BLACK” daaammm if I was black I’d be super offended by that
“When I look into Putins beady baby blue 👁 💩 👁 eyes I see the KGB.” Republican Senator John McCain/American Hero & patriot/Decorated Vietnam War Vet/P.O.W./R.I.P.
Gas takes 4-5 weeks from the time the crude is purchased until it is in the pumps.
Gas prices jumped sky high the very day of the Russian invasion.
Those first weeks were pure gauging profit.
Apologists for the oil industry always show up after a gauging event to try to explain it away but record profits prove the gauging.
Oil was $140 per barrel in 2008 compared to $100 today and the price at the pumps in 2008 was far less than half what it is today.
gouging
@Pro America They always forget that.
when we talk about what prices were and what we are now we have to remember to factor in inflation. so actually in around 2004 we had the highest price for gas that we’ve ever had which in today’s money would be about 5 and 1/4 a gallon average. so comparing that price with today’s inflation against today’s price we actually have not got the most expensive gas we’ve ever had.
@GAF / LS I live in CA. And my area is over 7 a gallon.
@RADThird1 -.- Where are you looking?
Cause the price of a barrel is higher than ever.
After reading the comments I’ve concluded that American education has failed us
Fr
You’re on cnn mate. Of course it will seem that way.
@dave h true
@dave h Says the guy posting on CNN.
I have a friend who owns an Italian,Greek & German food import business.He saw his price per container jump from 3k a container pre covid, to 16k per container.And it has not returned to its usual price range.
This is just the shipping companies GREED factor taking advantage of a bad situation.
truthhttps://youtu.be/pq9yyaZ25YI
@tnbrfller Thank you. Your feedback is appreciated.
Yes… It cant possible have something to do with the locking down. no export that lasted for almost 2 years..
Or the firing of people that are unvaxxed creatting a employer shortage.
And then there are the stock owners who scream for more profits…. and the futures estimating and reacting to every little thing in the world to go up on the largest segment in the pie chart.
85 people own 89% of the stockmarket.
@Charles Stockford And some have “earned” a billion a day in profits during and after the pandemic… like leaches..
truthhttps://youtu.be/pq9yyaZ25YI
If oil prices go up, it drives up transportation costs for pretty much everything else.
@VidWatcher1X yep… 🙁
So you’re telling me they came up with a whole newscast to tell us why our government is not at fault for their actions! it’s the interest from the states. How hilarious can you get
No, he’s breaking down everything that adds to the cost of gas, that we pay at the pump.
Taxes on gas haven’t changed, IE the government hasn’t changed anything on the price of gas, the gas companies are charging more for crude because of supply and demand.
The gas you put in your tank today was likely bought and paid for by the brand company months ago (not by the local station). So the price of crude oil they are factoring in is just a windfall profit.
It’s about 3 month cycle. But oil is a commodity so futures move the market alot.
truthhttps://youtu.be/pq9yyaZ25YI
Don’t forget the largest increase for ever growing company profits, regardless of supply, demand or any other factor. Greed is the driver of prices. Don’t be fooled.
lol
profit is based off the cost as percentage. COST GOES UP. PROFIT GOES UP. Only person being fooled is you.
truthhttps://youtu.be/pq9yyaZ25YI
Exxon, Shell, and all other gasoline producers have record profits because their profits are set to the price of a barrel of oil. When the price of a barrel of oil is high, they make more profits.
The oil produced in America is produced at the same cost per gallon that it was produced at before, but they are allowed to sell it at a rate equal to the World Standard which is far more than their price of production at this point – hence, the profits.
OPEC tends to set the prices for a barrel of oil. America has very little control over OPEC.
Unfortunately, he didn’t point out how the price of crude oil is manipulated in order to maximize profits.
Oil companies like to call it “supply and demand” but more realistically it’s “manipulation and profit”.
There is no shortage of oil and no limits on drilling in the U.S.
Oil companies are just raping consumers for profit which is why all the major oil companies (BP, Shell, and Exxon|Mobile have posted record profits in the last quarter.
It’s “almost like” he forgot that part on purpose.
@Illu Vatar They don’t want to lose sponsors.
Exxon, Shell, and all other gasoline producers have record profits because their profits are set to the price of a barrel of oil. When the price of a barrel of oil is high, they make more profits.
The oil produced in America is produced at the same cost per gallon that it was produced at before, but they are allowed to sell it at a rate equal to the World Standard which is far more than their price of production at this point – hence, the profits.
The price of a barrel of Oil is largely set by OPEC.
I actually thought this was a 1990s infomercial for a second.
We didn’t have a problem with the other guy and gas prices. Guess joe and obama love then high gas prices
Green Policies send gas prices up, stop making up excuses for bad feel good decisions
If measured in percentage these Taxes are too low as compared to taxes in India.
In India taxes are almost near to 50% of total price. 😔
Central government has largest share in taxes.
Corporations set all prices. I’m a supervisor at my company and we don’t set the prices of anything we sell, the companies that own the Brands send us pricing.
That is a very pretty idealized version of the cost breakdown. However, the profits of gas companies have been skyrocketing, and the prices of crude oil have only increased by about $20 dollars per barrel. 1 barrel produces about 20 gallons of gasoline, 10 gallons of diesel, and another 12 gallons of other oil products, heating oil, jet fuel, etc…
That means that while the cost of oil has gone up $20/barrel, profits from that barrel have increased by about $40/barrel. Scarcity, or increased costs to produce are not the reason for fuel price increases, corporate greed is.
@Christian 153 Of course they were trying to make a profit but two global events have allowed them to blame rising costs on things other than their own greed. The pandemic has allowed them to blame global supply chain disruptions, and then the war in Ukraine has allowed them to blame scarcity issues. However since North America is a net exporter of oil and the fact that lots of countries are cutting back on Russian oil and that is causing a glut in Russian oil supplies, allowing countries like India to force significant reductions in oil prices on Russia neither of these reasons really makes sense for the increase in gas prices in North America. All of that aside what part of the cost breakdown that I gave do you take exception with? The cost of crude oil is well documented and easy to find, the breakdown in oil products produced per barrel are from oil company resources and the increase in consumer prices are also easily found. The math speaks for itself. Consumer costs are outstripping producer costs by about 2 to 1.
@Aaron Morath Because wind is the only source of renewable energy. Solar produces energy more cheaply than coal, oil, or gas. Biogases that are carbon neutral are cheaper than oil, and are carbon neutral. Storage is the primary problem for renewables and that is increasing in capacity all the time. But that is a different discussion. This started about a breakdown in the cost of oil vs cost to consumer for gasoline. If you disagree with any part of my cost breakdown let me know. If you just want to say it’s the fault of the current US gov because you don’t like him and you think the last guy was better feel free, but I am not from the USA and your politics are irrelevant to me.
Highly dubious breakdown. To infer that current gas prices are all related to expenses that produce and deliver gas, along with added taxes is greatly erroneous in light of oil companies’ record-breaking profits. Must’ve forgot about those, huh?
Democrats in control screws up everything.
I remember a few years back when we had the same issue with gas prices and I was in the process in renting a vehicle and on my way out of the Rental place I realized that a gas station was near by so I decided when I bring the vehicle back I would stop at this gas station to fill up before I return the car. I don’t remember the exact price but let’s say it was $3.50 the very next day I stopped at the gas station and the gas was now $3.75 so out of curiosity I asked the attendant if they received delivery of gas since yesterday and he replied no so why the increase then? He had no idea. I did. Greed, profits that’s why and this is exactly what is happening today.