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kacekwl

(8,709 posts)
Wed Jul 26, 2023, 11:18 AM Jul 2023

What could possibly be the reason

gas prices here in N Illinois went up 50 cents overnight ? I'm seriously asking. Did something earth shattering happen ? If not I demand an investigation into why. I'm pissed and have nowhere else to rant. Sorry.

12 replies = new reply since forum marked as read
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gab13by13

(30,161 posts)
1. Last week they went up 40 cents overnight in central Pa.
Wed Jul 26, 2023, 11:19 AM
Jul 2023

Haven't really checked this week.

Ocelot II

(127,873 posts)
5. All kinds of possibilities - price changes usually relate to the price of crude oil or something
Wed Jul 26, 2023, 11:22 AM
Jul 2023

going on in the refining process. Prices can change rapidly if something disrupts crude oil supplies, refinery operations, or pipeline deliveries. If the price hike is limited to a particular region it could be a delivery issue. I haven't noticed a significant change in my area lately.

Eyeball_Kid

(7,604 posts)
8. Maybe the Saudis are raising money to buy major league baseball?
Wed Jul 26, 2023, 11:36 AM
Jul 2023

Or maybe they raised prices to help Putin with his war effort.

SCantiGOP

(14,615 posts)
6. OPEC and Russian cuts in production,
Wed Jul 26, 2023, 11:23 AM
Jul 2023

the heat crisis (some utilities burn oil for peak production), and concerns about Ukraine increased oil futures, which gives the companies an excuse to raise prices. We’re still below the prices of a year ago.

zonemaster

(252 posts)
9. Here's a helpful graph illustrating oil-industry gouging
Wed Jul 26, 2023, 11:40 AM
Jul 2023

The vertical distance between the orange line (average retail price for gasoline) and the blue line (West Texas Intermediate crude oil cost) is an approximation of profits over time. "Approximation" because there are also other material / production costs that aren't factored in, but it looks like refined petroleum products have been exceedingly profitable, of late.


https://www.macrotrends.net/2501/crude-oil-vs-gasoline-prices-chart

 

jimfields33

(19,382 posts)
11. It went up in Florida too. 3.59 a gallon. I looked at my tank gage and was glad it was
Wed Jul 26, 2023, 11:58 AM
Jul 2023

mostly filled.

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