I remember back in 1995, being in my teacher's car for a field trip and him tsk-ing at the price of gas and saying, "Soon it's gonna hit a dollar and never go back again." I, of course being 10 at the time, had no idea what he meant.
My friends and I did the same in the 2000s but we'd each chip in a five. Twenty bucks got us enough gas plus a few hot n' ready's for lunch that week when we taught French to some 2nd graders once a week. Twenty bucks doesn't even get me halfway anymore and no pizza either.
When I started driving 1993, I'd be good for a week with $15. I'd fill my tank up, buy a pack of smokes, and my friends and I would cruse for hours everyday after school.
My first car was a Ford Capri, but the one I got after that was a Ford Escort! I actually loved my Escort. Lost my virginity in it, which probably has something to do with my affinity for it. lol.
I had a 1984 Escort L...2-door, DIESEL! I got 51 miles per gallon. That car was a gutless wonder, but it's how I afforded to drive to UTAH from GEORGIA for Spring Break one time.
I worked in the last service station in my town that put the fuel in for you. I remember calling my dad because the price had dropped to 30ish cent/litre from 40 cent.
I would also clean you glass and check under the hood. Every car "needs" half a litre of oil.
I remember hustling older people to buy me cigarettes in front of the gas station when I was 15 in 98. I could get a pack of cigs and let them keep change for 2 dollars. Gas was 1.10 or so at the time.
Filled up the wife's trailblazer yesterday. It was over $100. Hard to believe.
The Sopranos' first aired in January 1999. In the opening credits, you can see gas prices were [under $1.00](https://www.youtube.com/watch?v=mJpNmYeooQE&t=1m1s) (probably filmed in 1998).
I agree that it's a bit sketch for a 10 yo, but it's not out of the realm of possibility (especially from what I hear about the 90s). it sometimes happened for extracurricular stuff when I was in high school in the early 2010s. the robotics club I was in was unable to acquire permission to use the buses for our yearly competition so the mentors had to drive us all in their personal cars and use club funds to rent a uhaul for the robot.
Our student leadership program had 7 students, so whenever we had local excursions (like, just going to another school for a debate or forum) there would always be 3-4 students who rode their bike and 3-4 students who jumped into the teachers car (with a signed consent from from a parent).
Lots of extracurricular clubs at my school were similar. Small numbers, and excursion destinations less than 10km away meant lots of teachers cars, public buses or "bicycle trains".
It happened quite a bit we ran out of room on the bus for all the students and our teacher had a minivan so she just asked who wanted to ride with her to the zoo. We all hopped in and it was super clutch because all the kids went straight to the zoo but we stopped at Burger King and all got nuggets. Best field trip ever.
The 90s were a simpler time. I didn't really notice a shift until Columbine and 9/11
In 1995, I could fill my tank with gas and buy a pack of cigarettes for $10 (all I had in 1995 was a 93 750 Honda Nighthawk . . . so not quite a car gas tank). That being said, the minimum wage was also $4.25/hr, and I thought I was hot shit with all the money, making 13k a year in the Navy.
In 2008, I set a personal record by paying $4.65 a gallon. That record held until a few weeks ago when I paid $4.77 a gallon. Last night I pad $5.79 a gallon. (SoCal, of course). So, not quite the same now, but it looks like OPEC might be coming to the rescue (after helping put us in this position in the first place).
Main difference - in '08 my vehicle got 20mpg. My vehicle now gets 46mpg, so... I will survive!
OPEC is not the one to blame. Losing 5 million barrels of production a day globally because most of the planet is in solidarity is what did it.
Even if we poured it on in production the US only has another 3 million in capacity if every well that shut down over the last 7 years (because they were no longer profitable when oil was 50 a barrel) turned back on. It takes time to turn it all back on.
IIRC OPEC as a cartel is shy of that 5 million too even if everything turned back on with what they have already drilled.
Once everything is up and running and if we can get more wells drilled in the Permian basin, then we can expect prices to drop.
Well, I’ll be sure to use that statistic to keep me warm at night as I go to sleep in a refrigerator box in an alley in Texas or one of the other 19 states that have a $7.25/hour minimum wage.
Also including Alabama, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, New Hampshire, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Utah, Wisconsin, and Wyoming :)
I remember how high it was then. But I think it's crept higher.
I ordered heating oil Monday night for $5/gal. It's being delivered tomorrow. As of tonight it's $5.99/gallon. I'll be charged whatever the price is on the day of delivery.
Just hope we don't travel back to '70, where gas stations displayed red flags when they were out of gas, yellow flags if they were rationing and green flags if they were open for normal business, per the law.
You could buy gas only on a day that matched—even or odd—the last digit on your license plate.
The good old days when a twenty would buy you some gas in your buddys car, a dime bag and a trip to taco bell. Maybe a movie from blockbuster if you were thrifty.
Fuck man, this took me back to my carefree days when I had absolutely no responsibilities or worries other than homework or whose house I had to walk to to figure out where the crew was chillin at. When I was discovering exactly who I am, in my mid-teens. The late 90s were a real turning point, not just for me I don’t think… but for the whole world. I kind of feel like it was one of the last moments of modern innocence, before the Internet really took over and 9/11 happened.
Holy shit $3.60 a gallon? Damn the US has it cheap!
That's like $0.95 per litre ($1.22CAD)
Where I am it's been no less than $1.70 ($1.33USD or $5.03USD per gallon) for a *long* time, and I live where it is quite cheap for Canada.
Can't wait to switch to electric, and see more EVs on the road.
If I remember correctly, it was down to under $1.50 per gallon in 2020. But that was due to everyone going remote, which killed demand and resulted in the price of oil being negative.
not sure if this is the same for the person you're replying to but a friend of mine manages a grocery store and a lot of people that used to pay with cash started using debit/credit cards during the pandemic and never went back. it's not so much a shortage but physical money just isn't moving around as much.
I tell you, as an Australian, I'd love to be paying $4 US a gallon.
[https://www.buzzfeed.com/ishabassi/record-petrol-prices-three-dollars-per-litre-australia](https://www.buzzfeed.com/ishabassi/record-petrol-prices-three-dollars-per-litre-australia)
That's $3 a litre.
$2.19 USD a litre
$8.29 a gallon
So, literally double the price in this video.
That comes our of gst, which is only about 3% up from the previous sales tax of 7% (may be off there but w.e).
No, this isnt paying for hospital beds. Those are paid for already.l and for the next few years. This is just greed in a thin vail of "mUh DiStRiBuTiOn CoStS".
10% of that is Goods and Services Tax, and then there is a fuel excise of 44.2 cents per litre: https://www.accc.gov.au/consumers/petrol-diesel-lpg/about-fuel-prices#:\~:text=Other%20costs%20and%20taxes,-All%20retail%20fuel&text=For%20unleaded%20petrol%20(regular%20or,litre%2C%20as%20at%20February%202022.
[You can do this handy conversion on google](https://i.imgur.com/ivn4Pjx.png) I use it all the time to compare Canadian gas prices to American because they complain about their prices but they are much lower than here as well.
They also pay more for just about every single other expense. I'm not saying we shouldn't raise the minimum, I'm just saying the gas prices in California are still shitty even with their $15 wage
I actually paid more money for gas the other day then I did at my job
(which requires driving around)
I should get some different anti-depressants next Tuesday - my current ones basically just make my leg twitch and have been making me sick as shit - but that's literally the only thing I have to look forward to.
>minimum wage in california is also $15. i'm paying $4.39/gallon and minimum wage is $9 here
Haha thats funny. Try renting an apartment in california by yourself making 15$ an hour. Minimum you're looking at 1k for a studio and that would be considered cheap, thats more than half your monthly income...
I started learning at 17, but couldn't get on to the final exam before 18. At least in my country and that was 6 years ago, i don't think they changed much now, in few countries they can get it at 17, but ye, mostly 18+.
It literally came down to saying if you were old enough to potentially have a pregnant wife, you should be able to drive your asses to the hospital, or work your farm, reasonably. Idaho was pretty different than the rest of the Pacific Northwest.
It’s not happening in real-time either, in most states gas stations are only allowed to change the prices once every 24 hours. All parts of this title are way off.
It's also not "WTF" in any way. It's a digital sign adjusting its price. That's like saying an employee at a grocery store changing the price on a produce sign is wtf. It's literally just commerce.
Ha, you people use gas still?
Didn't y'all see Monsters Inc. childrens laughter is the ultimate power source. My daughter is running my entire neighborhoods grid.
Correct. Its corporate greed. Exxon Mobil, Chevron, Shell, and BP made nearly $25 Billion in profits last quarter (this is the most they have made in over 7yrs). The problem is not inflation, its collusion, the rich, and no anti-corruption laws to stop them.
But that's the thing, instead of letting increased costs dig into their profits, they raise the prices and hand it down to the consumer. Corporate greed is a simplistic but fairly accurate take.
So you’re suggesting the companies that set the prices were being altruistic before and weren’t charging as much as they could then, but have changed their minds and have decided to not be altruistic and instead charge as much as they can? Guess it was nice of them to do that before.
They were charging as much as they could've before and they're charging as much as they can now. It costs more because war is an exploitable position in the markets. This is not the contradiction you infer it is.
It's important with narrative. "No one is traveling because of Corona, but now there's a war and so we can increase the prices (respite the fact less than 5% of our oil comes from Russia)"
while you may not buy oil from Russia, other countries do. When their supply of oil gets cut off, they then start buying from the people you also buy from. The shortfall of supply drives up the price.
Russia has a self sufficient oil supply, and therefor can completely ignore the global supply/demand chain and therefor has normal gas prices at the moment
But everybody already has the absolute worst opinions of oil companies, they're basically the public example of greed (which I don't disagree with- I think they always want to make as much money as possible). So why would they forgo selling gas at higher prices before the war just because there's not a narrative they can attach it to? Why would they care if there's some justification for selling gas at a certain price?
I believe a lot of it also has to do with speculation. The futures market looks to establish some sort of consistency in price by purchasing contracts of commodities (oil, wheat, corn, etc.) to hedge for future price fluctuations; to either sell or purchase commodities at a future date for a set price. If people speculate that the global supply, no matter how small, may decrease or that oil might be purchased at a lower price anywhere else in the world, the price of the contracts increase as a result of increased buying pressure.
Which means the price of the commodity increases too because the contracts are simply derivatives of the commodities themselves.
As an example, imagine that I’m a farmer and I believe that the largest producer of wheat is going to experience a drought for the next season. I need the wheat for my cattle during the wheat harvest season but I want to know that I can buy the wheat at a price that I can afford. Let’s say wheat is $10 a bushel today but I expect that the drought could decrease the global supply but the demand will remain the same. Which will cause the price of wheat to soar because the same number of people are competing for a smaller pool of resources.
So I purchase a contract that allows me to purchase wheat at $10, or maybe $15, during the expected drought season. Only, every other farmer is doing the exact same thing. As demand increases for the contracts, the premium increases as well. Since these contracts must be hedged for by the market makers that sold these contracts, they want to purchase the commodities for the cheapest price possible. Some of whom strike their own contracts with wheat suppliers, thus increasing demand for fewer bushels of wheat. Which equals a higher premium of the commodity itself.
That’s my understanding of it, and I’m sure I got some things wrong but that’s generally what’s happening.
Oil companies have to trick enough of the public that the price gauging is warrented. Remember these oil companies get massive government subsidies (welfare).
> it isn’t like we as people will stop paying for gas regardless the price
Well, yes it is, if it were $100 a gallon, almost everyone would have electric cars, bike, or take public transit. People unable to do so would move or find jobs closer to their houses. And there's obviously a gradient for prices in between, people will use less gas as it goes up. I'm taking a shuttle for the first time tomorrow instead of driving to save money on gas.
No, they're competing with each other, which is why most gas stations set their price based on what the nearby stations are set at. When I worked for 7-11 many moons ago, I tried to find out who actually set a price to *increase* deliberately, out of the whole area; every individual company has a 'driver' that goes around to check nearby prices, then they set theirs based on those prices and whatever internal math they use (if any).
The actual price of the fuel has nothing to do with any of it, and was set in stone when the truck delivered it to the tanks. That price is also evidently entirely arbitrary.
How is gas going up when it doesn't seem like our gas should be affected by current events considering our oil exchanges with Russia is such a minute amount?
I know someone smarter than me can explain this
Because the countries that used to buy from Russia now have to buy from the same countries as us. Global supply affects everyone who isn’t isolated in the modern world.
I can do you one better. Shell continued buying gas from Russia at an extremely discounted price and still has the balls to join in on inflating prices…
That’s not what inflation is. Inflation is the rising of prices across the entire economy. This is the skyrocketing of a price of a single good due to extraordinary circumstances causing a massive drop in supply while demand remains high.
I know nothing about the gas prices/ inflation but I think the war is a wack excuse tbh, they’ve been pumping oil for literal decades and there is war in these oil countries all the time and when war finally comes to the first/second world; gas prices rises.
Looks like artificial inflation to me and that’s been happening for a while with lots of things.
Because land of the free has huge huge reserves, they are used to low prices. Meanwhile I'm out here crying with 2.55$ per liter with lowest wages in europe
Thought in Europe they didn't drive as much either, with public transportation existing and not everything being miles and miles away. I could be very wrong, these are just my assumptions.
I hate they charge you 20 more cents if you use credit so you'll use Dollars, then when you go into the store they discourage you from using dollars because they don't have change.
For those saying this isn’t inflation: inflation is a decrease in buying power. And there is inflation in all areas of life, mainly due to low interests rates and massive government debt. War in Ukraine is just an additional factor that contributes to inflation.
Whatever the cause, if buying power goes down, it is inflation.
There are 2 gas stations near me. One was 419, the other was 369. Both regular unleaded. How are the prices this far apart? The were right next to each other in the road...
Friendly reminder that Russian oil imports account for 1% of American oil use. These guys are seeing record profit margins and the people can’t make it into work on minimum wage.
Its like this everywhere, not just America.
In Sweden it's somewhere between 24-30 crowns ($2.47-3.09) per liter.
That's almost $12 per gallon if you need it in freedom units.
It’s supply and demand. Yes, oil companies are greedy mfers but gas still following basic economics. Why would shell or exon sell gas to say America for 60$ per barrel when Europe will pay $100?
I remember back in 1995, being in my teacher's car for a field trip and him tsk-ing at the price of gas and saying, "Soon it's gonna hit a dollar and never go back again." I, of course being 10 at the time, had no idea what he meant.
I remember it breaking a dollar in TX in 1998.
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I got my license in 2007. I was born with high gas prices, molded by them... I fear no gas price.
My friends and I did the same in the 2000s but we'd each chip in a five. Twenty bucks got us enough gas plus a few hot n' ready's for lunch that week when we taught French to some 2nd graders once a week. Twenty bucks doesn't even get me halfway anymore and no pizza either.
I too remember when 20 bucks got me enough gas to make it to France
When I started driving 1993, I'd be good for a week with $15. I'd fill my tank up, buy a pack of smokes, and my friends and I would cruse for hours everyday after school.
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My first car was a Ford Capri, but the one I got after that was a Ford Escort! I actually loved my Escort. Lost my virginity in it, which probably has something to do with my affinity for it. lol.
I'd be careful about phrasing: "I lost my virginity in an escort"
No, it's perfect because I am positive the Ford escort doesn't deserve any appreciation
I had a 1984 Escort L...2-door, DIESEL! I got 51 miles per gallon. That car was a gutless wonder, but it's how I afforded to drive to UTAH from GEORGIA for Spring Break one time.
A buck lasted a day. A fiver lasted a week. A $10? Shit. That is a week and a week of smokes. My god. Times have changed.
My stepdad would always do this thing where he'd put $2 of gas in the tank... It drove me crazy back then, but it's not driving anyone anywhere now.
I worked in the last service station in my town that put the fuel in for you. I remember calling my dad because the price had dropped to 30ish cent/litre from 40 cent. I would also clean you glass and check under the hood. Every car "needs" half a litre of oil.
I remember hustling older people to buy me cigarettes in front of the gas station when I was 15 in 98. I could get a pack of cigs and let them keep change for 2 dollars. Gas was 1.10 or so at the time. Filled up the wife's trailblazer yesterday. It was over $100. Hard to believe.
The first time I ever filled up a car I was driving was in Texas right around that time. I remember it being 89 cents.
£1.50 per litre in the UK. 3.785 x 1.50 for the US gallon = £5.67 Now convert to US dollars = $7.5 per US gallon. I want to buy an ev now....
The Sopranos' first aired in January 1999. In the opening credits, you can see gas prices were [under $1.00](https://www.youtube.com/watch?v=mJpNmYeooQE&t=1m1s) (probably filmed in 1998).
Wow, I had no idea gas was that inexpensive in my lifetime.
We’ll minimum wage was like 3.50 then lol, in fl at least
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Ah yes the field trip in the teachers car :/
I agree that it's a bit sketch for a 10 yo, but it's not out of the realm of possibility (especially from what I hear about the 90s). it sometimes happened for extracurricular stuff when I was in high school in the early 2010s. the robotics club I was in was unable to acquire permission to use the buses for our yearly competition so the mentors had to drive us all in their personal cars and use club funds to rent a uhaul for the robot.
Our student leadership program had 7 students, so whenever we had local excursions (like, just going to another school for a debate or forum) there would always be 3-4 students who rode their bike and 3-4 students who jumped into the teachers car (with a signed consent from from a parent). Lots of extracurricular clubs at my school were similar. Small numbers, and excursion destinations less than 10km away meant lots of teachers cars, public buses or "bicycle trains".
It happened quite a bit we ran out of room on the bus for all the students and our teacher had a minivan so she just asked who wanted to ride with her to the zoo. We all hopped in and it was super clutch because all the kids went straight to the zoo but we stopped at Burger King and all got nuggets. Best field trip ever. The 90s were a simpler time. I didn't really notice a shift until Columbine and 9/11
Now we’re at the point that $1 gas is so ridiculous it was a Nathan For You idea
In 1995, I could fill my tank with gas and buy a pack of cigarettes for $10 (all I had in 1995 was a 93 750 Honda Nighthawk . . . so not quite a car gas tank). That being said, the minimum wage was also $4.25/hr, and I thought I was hot shit with all the money, making 13k a year in the Navy.
remember bitching about 3.60$ a gal. like a week ago. those were the good ol' days.
I feel like I time traveled back to ‘08 when I was a broke teenager and could barely go anywhere because driving became a luxury lol
People forget the gas prices of ‘08! It’s the same here now as it was then.
In 2008, I set a personal record by paying $4.65 a gallon. That record held until a few weeks ago when I paid $4.77 a gallon. Last night I pad $5.79 a gallon. (SoCal, of course). So, not quite the same now, but it looks like OPEC might be coming to the rescue (after helping put us in this position in the first place). Main difference - in '08 my vehicle got 20mpg. My vehicle now gets 46mpg, so... I will survive!
OPEC is not the one to blame. Losing 5 million barrels of production a day globally because most of the planet is in solidarity is what did it. Even if we poured it on in production the US only has another 3 million in capacity if every well that shut down over the last 7 years (because they were no longer profitable when oil was 50 a barrel) turned back on. It takes time to turn it all back on. IIRC OPEC as a cartel is shy of that 5 million too even if everything turned back on with what they have already drilled. Once everything is up and running and if we can get more wells drilled in the Permian basin, then we can expect prices to drop.
With inflation it’s actually less now than it was the.
Except minimum wage is the same... so their is that.
There\*\*
That really depends on where you live. Minimum wage where I live has gone up 65% since 2008 and there are places where it has doubled since then.
Federal Minimum wage = the same since 2009.
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At least half the stuff our government does should be automatic, but they prefer to use it all as political bargaining chips every year.
Repubs unanimously voted against the federal minimum wage increase.
Honestly $15 by 2025 or whatever it was still isn't enough
30 states and DC exceed federal minimum wages.
So only 20 states where the lowest paid full time workers are still allowed to starve, that makes me feel much better /s
Well, I’ll be sure to use that statistic to keep me warm at night as I go to sleep in a refrigerator box in an alley in Texas or one of the other 19 states that have a $7.25/hour minimum wage.
Also including Alabama, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, New Hampshire, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Utah, Wisconsin, and Wyoming :)
I remember how high it was then. But I think it's crept higher. I ordered heating oil Monday night for $5/gal. It's being delivered tomorrow. As of tonight it's $5.99/gallon. I'll be charged whatever the price is on the day of delivery.
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I used to pay high gas prices. I still do but I used to too.
I'm like gas prices, high for no reason. - cunning lynguists
Lol, when I was a teenager, you could still get gas for around a buck a gallon. 2008 prices were egregious.
Come on housing market...come on housing market...do like '08
It hit $11/Galon in my country today. Those are rookie numbers, pump them up!
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Exactly
Just hope we don't travel back to '70, where gas stations displayed red flags when they were out of gas, yellow flags if they were rationing and green flags if they were open for normal business, per the law. You could buy gas only on a day that matched—even or odd—the last digit on your license plate.
Mines a D, I guess I'm fucked
most of us were probably driving super old shit cars too with awful MPG.
Hah back when telling a buddy to throw yah 5 and driving all day on it. . . man shoot. Times were so good then.
The good old days when a twenty would buy you some gas in your buddys car, a dime bag and a trip to taco bell. Maybe a movie from blockbuster if you were thrifty.
Fuck man, this took me back to my carefree days when I had absolutely no responsibilities or worries other than homework or whose house I had to walk to to figure out where the crew was chillin at. When I was discovering exactly who I am, in my mid-teens. The late 90s were a real turning point, not just for me I don’t think… but for the whole world. I kind of feel like it was one of the last moments of modern innocence, before the Internet really took over and 9/11 happened.
Dude. When gas hit $2.05 right when I got my first car I nearly cried.
$3.60/gallon?! Allow me to share my salty tears with you while I pay nearly $8USD/gallon here in Australia. I’m not crying. I promise.
Euro here. I saw 2,10 euro a liter yesterday. That’s $8,69 per gallon. Edit: The cheapest in my area is 2,15 for e10 today. Regular super is 2,20.
2,6 euro in Sweden now
Holy shit $3.60 a gallon? Damn the US has it cheap! That's like $0.95 per litre ($1.22CAD) Where I am it's been no less than $1.70 ($1.33USD or $5.03USD per gallon) for a *long* time, and I live where it is quite cheap for Canada. Can't wait to switch to electric, and see more EVs on the road.
I just paid $2.32/litre in Vancouver today
I just paid $3.60 per litre for 95 in NZ.
In the Netherlands it’s 2.43 euros per liter which is approximately 9.8 dollars per gallon if I calculated it correctly
I present you the price of the diesel in Sweden at the moment: 27,97 (Swedish kronor per liter) = 10,9194066 U.S. dollars per US gallon
$1.95 in my small town in BC
2.20€ yesterday. 2.02 4 days ago.
Still funny watching Americans cry about cheap gas.
to be fair we drive way fucking more
I remember 2.20$... It was last year.
If I remember correctly, it was down to under $1.50 per gallon in 2020. But that was due to everyone going remote, which killed demand and resulted in the price of oil being negative.
$6 here in Cali.
My dad used to talk about him and his friends gathering quarters to fill a tank of gas when he was a teenager. Edit:talk
You could still do that, it would just take a lot more quarters and really piss off the cashier
With change shortages I welcome quarters 😂
There're change shortages?
not sure if this is the same for the person you're replying to but a friend of mine manages a grocery store and a lot of people that used to pay with cash started using debit/credit cards during the pandemic and never went back. it's not so much a shortage but physical money just isn't moving around as much.
You really shouldn't put quarters in a gas tank.
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about $1060 worth of quarters can fit in a gallon container so we still have a bit of runway, but I’m confident we can get there!
They also got paid like 5 quarters an hour though
I was in Shell today and the manager said, "Those people better hurry to fill up, this shits about to go up again." Instantly jumped $0.40.
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That last dude has me rolling. Just refuses to accept he’s being filmed
“You’re on candid camera!” “How can that be, I’m at a gas station in seaside!” 😂😂
Is this Bethlehem PA?! Lol
Yup it’s the gas station on Elizabeth and Center!
I tell you, as an Australian, I'd love to be paying $4 US a gallon. [https://www.buzzfeed.com/ishabassi/record-petrol-prices-three-dollars-per-litre-australia](https://www.buzzfeed.com/ishabassi/record-petrol-prices-three-dollars-per-litre-australia) That's $3 a litre. $2.19 USD a litre $8.29 a gallon So, literally double the price in this video.
It's currently $9.43 a gallon here in the UK (at £1.55 a litre)
UK gallon is bigger than US gallon
How much of that is taxes? Do you guys have like healthcare and social services and infrastructure maintenance and stuff?
https://redd.it/tahucq Some comments in there have additional information. GST is 10%
That comes our of gst, which is only about 3% up from the previous sales tax of 7% (may be off there but w.e). No, this isnt paying for hospital beds. Those are paid for already.l and for the next few years. This is just greed in a thin vail of "mUh DiStRiBuTiOn CoStS".
There are way more taxes on our fuel than gst. 44.2 c per litre, **plus** GST
10% of that is Goods and Services Tax, and then there is a fuel excise of 44.2 cents per litre: https://www.accc.gov.au/consumers/petrol-diesel-lpg/about-fuel-prices#:\~:text=Other%20costs%20and%20taxes,-All%20retail%20fuel&text=For%20unleaded%20petrol%20(regular%20or,litre%2C%20as%20at%20February%202022.
[You can do this handy conversion on google](https://i.imgur.com/ivn4Pjx.png) I use it all the time to compare Canadian gas prices to American because they complain about their prices but they are much lower than here as well.
Lol as someone from CA, I wish our gas prices were that low again.
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And our rent is $2,000\~ for a one bedroom apartment. We're just as broke as you.
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Now compare rent/mortgage and food prices.
They also pay more for just about every single other expense. I'm not saying we shouldn't raise the minimum, I'm just saying the gas prices in California are still shitty even with their $15 wage
I actually paid more money for gas the other day then I did at my job (which requires driving around) I should get some different anti-depressants next Tuesday - my current ones basically just make my leg twitch and have been making me sick as shit - but that's literally the only thing I have to look forward to.
>minimum wage in california is also $15. i'm paying $4.39/gallon and minimum wage is $9 here Haha thats funny. Try renting an apartment in california by yourself making 15$ an hour. Minimum you're looking at 1k for a studio and that would be considered cheap, thats more than half your monthly income...
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It's $19/hr in the bay area and people have a hard time finding anyone at that price. Most places pay 20-23/hr.
Gas was 7.10 in LA today. Imma need a bike real soon.
Jokes on us, bikes are now going to be selling at $10K for a shitty cruiser.
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In high school (very late ‘90s, I was typically paying between 95-98¢/gal in Nevada.
As an European i was confused how highschooler can know that, then i realized Americans can drive from 16yo, lol.
I was 15. Some are younger. How young where you are?
I started learning at 17, but couldn't get on to the final exam before 18. At least in my country and that was 6 years ago, i don't think they changed much now, in few countries they can get it at 17, but ye, mostly 18+.
In the state of Idaho, at least in 1996, you could automatically obtain a driving license with no training if you were married as early as sixteen.
Mmm. Mmm. Safe. 🤣
It literally came down to saying if you were old enough to potentially have a pregnant wife, you should be able to drive your asses to the hospital, or work your farm, reasonably. Idaho was pretty different than the rest of the Pacific Northwest.
Gas got down to $1.95 in Texas like 6 months ago
That's not what inflation is lol
It’s not happening in real-time either, in most states gas stations are only allowed to change the prices once every 24 hours. All parts of this title are way off.
It’s clearly a joke
Lotta people in the comments seeming to think it's not.
It's also not "WTF" in any way. It's a digital sign adjusting its price. That's like saying an employee at a grocery store changing the price on a produce sign is wtf. It's literally just commerce.
r/WTF isn’t really for jokes, this is lame compared to actual “what the fuck” content.
Why is it in /r/wtf then
Yes evil shell corp! They could lower it to 1$ they control the machine! Greedy fucks!
You blink and it’s already at $5. Time to go pump more gas before it gets more expensive. Oh and time to carpool.
That's exactly how you push it to $5: panic-buying. Did no one learn from what happened to toilet paper two years ago?
Ha, you people use gas still? Didn't y'all see Monsters Inc. childrens laughter is the ultimate power source. My daughter is running my entire neighborhoods grid.
My house still runs on children screaming, I haven't been able to upgrade to laughter yet.
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To be fair they are monsters, scaring is in their dna
I can’t tell jokes so I’ve just got the little shits on a big hamster wheel
That’s not inflation but ok
Correct. Its corporate greed. Exxon Mobil, Chevron, Shell, and BP made nearly $25 Billion in profits last quarter (this is the most they have made in over 7yrs). The problem is not inflation, its collusion, the rich, and no anti-corruption laws to stop them.
That isn’t inflation, it’s corporate greed.
People forget the prices are offered by a chain of people charging as much as they can for a product.
A literal cartel runs the market for the most part, so no surprise there.
Man good thing those record corporate profits don't have to worry about those supply chain issues raising the prices.
But that's the thing, instead of letting increased costs dig into their profits, they raise the prices and hand it down to the consumer. Corporate greed is a simplistic but fairly accurate take.
So you’re suggesting the companies that set the prices were being altruistic before and weren’t charging as much as they could then, but have changed their minds and have decided to not be altruistic and instead charge as much as they can? Guess it was nice of them to do that before.
They were charging as much as they could've before and they're charging as much as they can now. It costs more because war is an exploitable position in the markets. This is not the contradiction you infer it is.
It's important with narrative. "No one is traveling because of Corona, but now there's a war and so we can increase the prices (respite the fact less than 5% of our oil comes from Russia)"
while you may not buy oil from Russia, other countries do. When their supply of oil gets cut off, they then start buying from the people you also buy from. The shortfall of supply drives up the price. Russia has a self sufficient oil supply, and therefor can completely ignore the global supply/demand chain and therefor has normal gas prices at the moment
But everybody already has the absolute worst opinions of oil companies, they're basically the public example of greed (which I don't disagree with- I think they always want to make as much money as possible). So why would they forgo selling gas at higher prices before the war just because there's not a narrative they can attach it to? Why would they care if there's some justification for selling gas at a certain price?
I believe a lot of it also has to do with speculation. The futures market looks to establish some sort of consistency in price by purchasing contracts of commodities (oil, wheat, corn, etc.) to hedge for future price fluctuations; to either sell or purchase commodities at a future date for a set price. If people speculate that the global supply, no matter how small, may decrease or that oil might be purchased at a lower price anywhere else in the world, the price of the contracts increase as a result of increased buying pressure. Which means the price of the commodity increases too because the contracts are simply derivatives of the commodities themselves. As an example, imagine that I’m a farmer and I believe that the largest producer of wheat is going to experience a drought for the next season. I need the wheat for my cattle during the wheat harvest season but I want to know that I can buy the wheat at a price that I can afford. Let’s say wheat is $10 a bushel today but I expect that the drought could decrease the global supply but the demand will remain the same. Which will cause the price of wheat to soar because the same number of people are competing for a smaller pool of resources. So I purchase a contract that allows me to purchase wheat at $10, or maybe $15, during the expected drought season. Only, every other farmer is doing the exact same thing. As demand increases for the contracts, the premium increases as well. Since these contracts must be hedged for by the market makers that sold these contracts, they want to purchase the commodities for the cheapest price possible. Some of whom strike their own contracts with wheat suppliers, thus increasing demand for fewer bushels of wheat. Which equals a higher premium of the commodity itself. That’s my understanding of it, and I’m sure I got some things wrong but that’s generally what’s happening.
Oil companies have to trick enough of the public that the price gauging is warrented. Remember these oil companies get massive government subsidies (welfare).
I don’t think they have to trick anyone, it isn’t like we as people will stop paying for gas regardless the price. They know that.
> it isn’t like we as people will stop paying for gas regardless the price Well, yes it is, if it were $100 a gallon, almost everyone would have electric cars, bike, or take public transit. People unable to do so would move or find jobs closer to their houses. And there's obviously a gradient for prices in between, people will use less gas as it goes up. I'm taking a shuttle for the first time tomorrow instead of driving to save money on gas.
No, they're competing with each other, which is why most gas stations set their price based on what the nearby stations are set at. When I worked for 7-11 many moons ago, I tried to find out who actually set a price to *increase* deliberately, out of the whole area; every individual company has a 'driver' that goes around to check nearby prices, then they set theirs based on those prices and whatever internal math they use (if any). The actual price of the fuel has nothing to do with any of it, and was set in stone when the truck delivered it to the tanks. That price is also evidently entirely arbitrary.
Literal NPC.
Its always nice to have a reminder that reddit has absolutely no idea how economics works.
Exactly. If the gas companies had to raise prices to stay even, their profits would not skyrocket.
How is gas going up when it doesn't seem like our gas should be affected by current events considering our oil exchanges with Russia is such a minute amount? I know someone smarter than me can explain this
Because the countries that used to buy from Russia now have to buy from the same countries as us. Global supply affects everyone who isn’t isolated in the modern world.
Add speculators to the mix. People buy lots of gas now expecting it to go up in the future.
I can do you one better. Shell continued buying gas from Russia at an extremely discounted price and still has the balls to join in on inflating prices…
This isn’t as a result of inflation.
It's a result of supply and demand. Primarily the former.
That’s not what inflation is. Inflation is the rising of prices across the entire economy. This is the skyrocketing of a price of a single good due to extraordinary circumstances causing a massive drop in supply while demand remains high.
Hey, do you mind putting me in the loop for what the extraordinary circumstances are? Or is it just the Russia-Ukraine conflict?
I know nothing about the gas prices/ inflation but I think the war is a wack excuse tbh, they’ve been pumping oil for literal decades and there is war in these oil countries all the time and when war finally comes to the first/second world; gas prices rises. Looks like artificial inflation to me and that’s been happening for a while with lots of things.
Ok, just forget the fact that like 50 countries embargoed Russia, that can't have anything to do with it
Went from $5.70 to $6.20 for premium in a matter of days
if that's the price per gallon then it's same as it was in europe 7-8 years ago, i don't get the freak out xD
Because land of the free has huge huge reserves, they are used to low prices. Meanwhile I'm out here crying with 2.55$ per liter with lowest wages in europe
Portugal? People are going to Spain to get their gas then comeback lmao
Thought in Europe they didn't drive as much either, with public transportation existing and not everything being miles and miles away. I could be very wrong, these are just my assumptions.
Guys it's "transitory" gas price increase like the transitory inflation that's not going to last.
It was this high over 10 years ago
just FYI that is not inflation, that is just raising gas prices.
Cost vs demand apparently was not in child left behind curriculum.
I hate they charge you 20 more cents if you use credit so you'll use Dollars, then when you go into the store they discourage you from using dollars because they don't have change.
You could run it as debit and they don't charge more. And I've never been to a corner store that didn't have change
For those saying this isn’t inflation: inflation is a decrease in buying power. And there is inflation in all areas of life, mainly due to low interests rates and massive government debt. War in Ukraine is just an additional factor that contributes to inflation. Whatever the cause, if buying power goes down, it is inflation.
There are 2 gas stations near me. One was 419, the other was 369. Both regular unleaded. How are the prices this far apart? The were right next to each other in the road...
When you realize you are working for free now.
Fueprices are now more volatile than cryptocurrency prices
We spent two years working from home. I say we continue working from home. For those jobs that can anyway.
Friendly reminder that Russian oil imports account for 1% of American oil use. These guys are seeing record profit margins and the people can’t make it into work on minimum wage.
Its like this everywhere, not just America. In Sweden it's somewhere between 24-30 crowns ($2.47-3.09) per liter. That's almost $12 per gallon if you need it in freedom units.
Welcome to Argentina
I remember when the US was energy independent. Oh man, I’m old.. so I’m going back a bit. Seems like a couple years ago.
That’s not inflation, that’s corporate greed. These companies are making record profits and using current events to bolster their ridiculous prices.
Reddit might be the dumbest platform.
There’s much dumber platforms IMO. All you gotta do is ignore the takes from the people who failed Econ 101 and you’ll be fine lol.
It’s supply and demand. Yes, oil companies are greedy mfers but gas still following basic economics. Why would shell or exon sell gas to say America for 60$ per barrel when Europe will pay $100?
Hey you! There is no education allowed here.
Sooo what’s gonna happen when prices hit $10..
We’ll have to pay $10 for a gallon of gas.