we are to blame

LIke i have always said if human beings are stupid enough to pay for gas the govt will control the price  ....if everyone stopped using for one day the oil world would collapse  ...but everything is  hedged on consumption ....they know you need  to drive here ......drive there.....  use this...... use that .......industry ....people have to work .....they have a wife and kids to support ....or else ........we are all to blame ........consumer demand/.......they raise the price of gas ....but people keep filling their  tanks ......they complain and maon like little  bitches  having their hair pulled  .....but they still  cough up ,......the govt kows  people are trapped in their  miserable lives .....no choice ..........its  a fact .....i am not sure  about this putz though 






Senior Biden official who expects gas to drop to $4 a gallon says oil prices have 'come down at the fastest rate' in decades
gas pump prices cars
AP Photo/Gene J. Puskar
  • A White House senior advisor expects US gas prices to continue to fall back from the record levels hit June.

  • Amos Hochstein thinks the national average price will decrease toward $4 a gallon.

  • Hochstein also said he's confident that negotiations with OPEC will increase global supply.

A senior adviser in President Joe Biden's administration said he expects gas prices at the pump will continue to decrease toward $4 a gallon.

The national average for a gallon of gas in the US hit a record high just above $5 in mid-June, as oil prices traded near highs and crude stockpiles remained low.

"It's not $5 anymore, it's now $4.55. And I expect it to come down more towards $4. And we already have many gas stations around the country that are below $4," Amos Hochstein, the White House's senior adviser for energy security, told CBS' Margaret Brennan on Sunday.

The average cost of gas stands at $4.521 as of Monday, according to the AAA, which says the ongoing price drop is due to a fall in US demand and a slide in crude-oil prices.

It reached an all-time high of $5.016 on June 14, as crude prices soared in the wake of Western energy sanctions on Russia, a situation made worse by bottlenecks at US refineries.

"This is the fastest decline rate that we've seen against a major increase in oil prices during a war in Europe, where one of the parties in the war is the third largest producer in the world. So these are extraordinary circumstances," Hochstein said.

"We've taken very tough measures to address them right away, both for the American consumer but really for global economy, too."

WTI crude futures and Brent futures — the US and global oil benchmarks — soared in price in June as the impact of energy sanctions on Russia fanned worries about supply. But both fell below $100 last week as concerns about falling demand due to a recession took over.

Hochstein also said he was confident in upcoming negotiations with the Organization of the Petroleum Exporting Countries (OPEC) to increase oil supply.

"There is — I'm not going to go into how much spare capacity there is in Saudi Arabia and in UAE and Kuwait, etc. — but there is additional spare capacity, there is room for increased production," he said.

"As we've told producers in the United States, we've had conversations over the last several months and weeks, with OPEC. And I believe that there is still more room to, to see additional steps," Hochstein added.

However, analysts are not convinced that an increase in production by OPEC and its allies will hit the oil market via exports.

The energy security adviser's comments come after Biden visited Saudi Arabia on Friday and met with Crown Prince Mohammed bin Salman, but came away without a promise of additional supply to help keep a lid on US gas prices.

Biden's meeting with the Crown Prince has been criticized by fellow Democrats, including  Sen. Bernie Sanders, who said the US shouldn't "be maintaining a warm relationship with a dictatorship."

Bin Salman was implicated in the 2018 murder of Washington Post journalist Jamal Khashoggi.

"Well, I think this was a historic trip," Hochstein said, adding that Biden was able to get a commitment that Saudi Arabia would continue a ceasefire in Yemen, as well as other commitments from Gulf countries on food security.

This story was updated on July 18 to clarify that Hochstein believes US gas prices are headed to $4.

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