So, none of you right-wing talking-point spouters has a reason why the law of supply of demand seems to have become meaningless?
Yeah, I think you all know quite well. But go ahead, keep trying to blame it on the President. Because that's just so likely.
The price of oil is set by the futures market. The current supply has little to do with it. The reason gas prices are up is due to the fact that domestic refining capacity is dropping like a rock.
Happy?
Why then are we exporting gasoline and diesel?
Gas, other fuels are top U.S. export
NEW YORK (AP) – For the first time, the top export of the United States, the world's biggest gas guzzler, is — wait for it — fuel.
By David J. Phillip, AP
In this Nov. 10, 2010 file photo, oil refineries are shown in this aerial view, in Deer Park, Texas. For the first time, the top export of the United States is fuel.
Measured in dollars, the nation is on pace this year to ship more gasoline, diesel, and jet fuel than any other single export, according to U.S. Census data going back to 1990. It will also be the first year in more than 60 that America has been a net exporter of these fuels.
Just how big of a shift is this? A decade ago, fuel wasn't even among the top 25 exports. And for the last five years, America's top export was aircraft.