Anyone else notice a .30 cent spike in gas prices? Here's why.

[Winston]

You took Macro Econ? What causes inflation? Too much money chasing too few goods? What would you expect to happen if you did several Trillion dollars in Government spending just as the country was coming out of an extended lock down due to Covid and that was paired with serious supply chain issues, White?

To be blunt? This wasn't a Trump problem. This was a Biden problem.

During Covid incomes declined significantly. Layoffs, loss of business, a recession. But, for the only time in US history real incomes, due to government transfers, like those extended unemployment benefits, those Covid checks, increased. It had never happened before.

Now, one can argue that those transfer payments kept us out of a recession. Those with lower incomes quickly spent the money. But, those with higher incomes, better positioned, they banked that money. Savings rates went to levels we haven't seen in years. Once the economy opened up, they let that money go. The "more dollars" didn't show up till Biden took office. And, as the supply chain got back under control, the "fewer goods" part of the equation started to evaporate. That will be Biden's legacy. His battle against inflation, including the infamous IRA, will be a Macroeconomic lesson for generations.

 

[Winston]

The tariffed products will be less expensive as they raise prices. That is why they cannot do it without cutting their own throats. Trump can take tariffs off just as quick as he puts them on. It is the company's best interest to keep their market share or lose it all if they screw themselves. Oh, I forgot you got your economics education from the back of your Count Chocula box!

While I have real doubts about your Macroeconomic knowledge, your Microeconomic knowledge is absolutely non-existent. Domestic companies are not going to cut prices due to tariffs. Matter of fact, they will increase them to match the cost of the tariffs for non-domestic producers. If a domestic company has a production cost that is ten percent higher than imports, and a 30% tariff is implemented, they are simply going to increase their price to just under the new cost for the imported goods. It is already happening.

Lobsters. They can be sourced from Canada or the US. At least the live ones, don't even get me started on warm water lobsters out of Brazil. Prices increased by 25% a couple of weeks ago. Why? Anticipation of tariffs.

Here is your Micro lesson. I am sitting in an MBA class. We have the head of Procter and Gamble's pricing department visiting. He holds up a can of deodorant. He asked the class, "How do we determine the price to charge for this can of deodorant"? I am all over it, Econ major, I wax eloquently about marginal cost curves, maximizing contribution, the whole nine yards. Proud of myself. He laughs. "Son, we charge whatever the hell we can get, it cost us nineteen cents to make this product".

 

[Concerned American]

I've noticed no such recent rise here in Twin Falls, Idaho. Cheap gas is at $2.97 gal at the Walmart. Sinclair is $3.05. Both of those prices haven't moved in at least a week.

We've had a minor jump in WA, but that happens from day to day in this democrat hell hole. Carbon taxes, don't you just love 'em.

 

[sealybobo]

I commented last week how Biden's action could cause a spike in gas prices.....Well it wasn't long in coming was it?

https://conservativebrief.com/biden-order-88708/

President Joe Biden is making a change before he leaves the presidency that could saddle President-elect Donald Trump’s administration with higher gas prices.

He waited until now to enact new sanctions against Russia that are likely to raise prices at the pump as Trump prepares to take back the White House, and he would not answer questions about his reasons for it.

A reporter asked him at the press conferences why he waited so long to impose the sanctions, and did it right before Trump regained the presidency.

“Mr. President, you talked about gas prices coming down. You made today’s decision about sanctions against Russia. Are you concerned that that decision will perhaps lead to gas prices going up? And can you explain why those sanctions were imposed today and not earlier in the term?” the reporter said.

From what I understand Russia said "well FU", and cut their production.....Along with the Saudis planned 1 million a barrel cut it drove up the price and we are now paying for it.

Are you better off now than you were under Biden? Hell no. I was paying under $3 a gallon now I'm paying over $3 a gallon. Facts are facts.

 

[1srelluc]

Are you better off now than you were under Biden? Hell no. I was paying under $3 a gallon now I'm paying over $3 a gallon. Facts are facts.

$3.09 here, down a few cents since Trump took office. It was up to $3.12 inauguration morning in my AO.

Just checked, some stations (more frequented) are down to $2.99 now.

Trump effect.

 

[Cellblock2429]

I commented last week how Biden's action could cause a spike in gas prices.....Well it wasn't long in coming was it?

https://conservativebrief.com/biden-order-88708/

President Joe Biden is making a change before he leaves the presidency that could saddle President-elect Donald Trump’s administration with higher gas prices.

He waited until now to enact new sanctions against Russia that are likely to raise prices at the pump as Trump prepares to take back the White House, and he would not answer questions about his reasons for it.

A reporter asked him at the press conferences why he waited so long to impose the sanctions, and did it right before Trump regained the presidency.

“Mr. President, you talked about gas prices coming down. You made today’s decision about sanctions against Russia. Are you concerned that that decision will perhaps lead to gas prices going up? And can you explain why those sanctions were imposed today and not earlier in the term?” the reporter said.

From what I understand Russia said "well FU", and cut their production.....Along with the Saudis planned 1 million a barrel cut it drove up the price and we are now paying for it.

/—-/ I just pulled this from Gas Buddy.

 

[sealybobo]

$3.09 here, down a few cents since Trump took office. It was up to $3.12 inauguration morning in my AO.

Just checked, some stations (more frequented) are down to $2.99 now.

Trump effect.

The price at the pump has jumped 10-15 cents in New Jersey over the past week and likely isn't coming down.

The price at the pump is rising, and experts say the frigid weather is partially to blame.
https://6abc.com/post/gas-prices-ri...tures-falls-other-factors-play-role/15827126/
They mean Republicans. Excuses.

MI current average 3.135? I paid $2.92 before Trump

Gas prices rise in Philly

Oregon up 17 cents

Trump promised to lower gas prices — but his tariffs could help raise them instead​

Up in Montana

What state are you in? Besides Denial?