Here’s what’s driving high gas prices — and why they’re not going away

[Kamaji]

Here’s what’s driving high gas prices — and why they’re not going away

By Mark Lungariello
June 15, 2022

Record-high gas prices are the biggest cause of red-hot inflation heading into the high-demand summer months — and the factors behind the wallet-busting costs show no signs of easing up.

Crude oil prices, which have spiked beyond $100 a barrel, now account for 60% of the price of a gallon of regular unleaded gasoline, according to April data from the federal Energy Information Administration.

The cost of crude shot up amid both increasing demand as the COVID-19 pandemic wanes and the global supply chain disruption caused by the Russian invasion of Ukraine and subsequent Western-imposed sanctions.

Just a year ago, crude oil prices accounted for 52% of the cost of a gallon of gas – and only 25% of the cost during the COVID lockdowns of April 2020, the New York Times reported.

Refining costs account for another 17% of the price per gallon as of this April, while 12% of the cost went toward taxes and 11% toward distribution and marketing, EIA data showed.

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Source:  https://nypost.com/2022/06/15/whats-driving-high-gas-prices-and-why-theyre-not-going-away/

[Smokin Joe]

Biden's policies are the biggest driver.

[mountaineer]

But ... but ... but a CNN reporter told us in December that gas prices would go way, way down! 

Who are these government forecasters, and why are they so stupid and disingenuous?