So maybe that right winger can come back and see how my grasp of it is.
Let's start with supply and demand shall we?
But oil slipped after the Energy Information Administration's weekly inventory report. EIA said crude stocks rose by 3.2 million barrels last week, higher than the 2.4 million barrel increase expected by analysts, according to a Dow Jones poll. Gasoline supplies, attracting more attention as traders anticipate the upcoming summer driving season, rose by 2.3 million barrels. Analysts were expecting a gain of 400,000 barrels. EIA said gas stocks are now above average for this time of year.
That was the 7th week in a row US crude and gasoline supplies have risen.
So apparently, supply and demand is not the answer.
How about the economics of it all? Let's see, it's now costing me $60 a month more to fill my vehicle up with gas. That's $60 I'm not spending anywhere else. But where does that $60 go? Into the bank accounts of Exxon, Shell and other companies, which are experiencing record profits and getting a nice tax break on it all, which their president has pledge to protect.
But the effects don't end there. Not only am I putting an additional $60 a month into oil company profits, I'm also having to pay more for everything I buy, since EVERYTHING we purchase has to be produced and transported using gasoline, oil and diesel.
I wonder what it is costing me total every month? $75? $100?
Is it any wonder the rest of our economy is going down the crapper into what may be the worst recession since the Great Depression?
Explain it for me some of you right wingers.