Back and forth over gas prices.
"Oil prices are decreasing, gas prices should too," the president tweeted. "Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it's $4.31. Oil and gas companies shouldn't pad their profits at the expense of hardworking Americans."
"I see the White House chart is sourced to Bloomberg LP data. As a public service, I'm going to suggest a different chart. Mine has some of the same elements (WTI oil and retail US gasoline price), but instead, I normalized it, and use Dec 1, 2021, = 100," Blas tweeted.
8:57 AM · Mar 2022·Twitter Web App
Mr. Blas's chart shows the opposite, that oil companies failed to pass on the cost of the crude price increase to customers at the gas pump.
According to most recent data from the Energy Information Administration (EIA), 56% of the cost of gasoline is the hard cost of crude oil that the refiners have to pay. The chart shows that the price increase at the pump failed to keep up with the incredible jump in crude oil prices. It also shows that oil companies were making less money, not more on the way up.
"I see the White House chart is sourced to Bloomberg LP data. As a public service, I'm going to suggest a different chart. Mine has some of the same elements (WTI oil and retail US gasoline price), but instead, I normalized it, and use Dec 1, 2021, = 100," Blas tweeted.
Mr. Blas's chart shows the opposite, that oil companies failed to pass on the cost of the crude price increase to customers at the gas pump.
According to most recent data from the Energy Information Administration (EIA), 56% of the cost of gasoline is the hard cost of crude oil that the refiners have to pay. The chart shows that the price increase at the pump failed to keep up with the incredible jump in crude oil prices. It also shows that oil companies were making less money, not more on the way up.
2 comments:
The lack of OIL,is another confidence game, perhaps originating th SHADY SIDE
I remember the days of the Peak Oil Apocalypse.
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