Was highest in 2008 at $145 a barrel. That $145 a barrel made gas cost $4.49 on average.
Oil a barrel costs $93.90 a barrel right now, great job Trump! But why does gas cost $4.49 on average now? maybe just made up numbers? Oh yeah cuz of wars right? Thanks Trump.
In theory oil supplies will get less sweet with time. So the share of refinement cost should go up as the world makes more use of tar sands and the like.
The sweetest oil comes from the middle east, which is exactly what's bottle necked.
Good point if that theory is true and it's really the cause of these costs that'd mean that oil supplies, the sweet oil anyway, has gone down by a third since 2008? That'd be scary. But anyway voters either won't trust that theory or won't care, they'll care about prices at the pump. Just like Biden's economy hurt him. Excuses about covid weren't gonna help him. Or Kamala of course.
Good point about the price at the pump being the one that matters. Oil barrel cost is an interesting additional stat, but an unimportant one comparatively.
Maybe a better graphic would be days of gas over $4.00.
Also to be fair cuz of inflation $4 in 2009 is different than $4 in 2026. We could go further with the math too but it's how people perceive it not raw numbers. And costs are high in summer but go down in fall, tho not always. Elections in November.
I thought about that. But then I realized gas cost is a major source of inflation, not only because it's part of the basket, but because it impacts all other costs. The correctness of adjusting for inflation becomes imperfect because it could end up self correcting in an unintended way.
If we are trying to measure a source of inflation, but then divide by the resulting inflation, it does a little to much to clean up the mess. Not adjusting for inflation cleans it too little. No perfect measure exists.
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Was highest in 2008 at $145 a barrel. That $145 a barrel made gas cost $4.49 on average.
Oil a barrel costs $93.90 a barrel right now, great job Trump! But why does gas cost $4.49 on average now? maybe just made up numbers? Oh yeah cuz of wars right? Thanks Trump.
In theory oil supplies will get less sweet with time. So the share of refinement cost should go up as the world makes more use of tar sands and the like.
The sweetest oil comes from the middle east, which is exactly what's bottle necked.
Good point if that theory is true and it's really the cause of these costs that'd mean that oil supplies, the sweet oil anyway, has gone down by a third since 2008? That'd be scary. But anyway voters either won't trust that theory or won't care, they'll care about prices at the pump. Just like Biden's economy hurt him. Excuses about covid weren't gonna help him. Or Kamala of course.
Good point about the price at the pump being the one that matters. Oil barrel cost is an interesting additional stat, but an unimportant one comparatively.
Maybe a better graphic would be days of gas over $4.00.
Edit: Found a good source of historic data on this.
https://en.macromicro.me/series/23007/aaa-daily-national-average-gasoline-prices-regular-unleaded
Obama was a little over a month.
Biden is a little over 5 months.
Trump is about 4.5 months.
https://youtu.be/oy2S6c6oX58
Also to be fair cuz of inflation $4 in 2009 is different than $4 in 2026. We could go further with the math too but it's how people perceive it not raw numbers. And costs are high in summer but go down in fall, tho not always. Elections in November.
I thought about that. But then I realized gas cost is a major source of inflation, not only because it's part of the basket, but because it impacts all other costs. The correctness of adjusting for inflation becomes imperfect because it could end up self correcting in an unintended way.
If we are trying to measure a source of inflation, but then divide by the resulting inflation, it does a little to much to clean up the mess. Not adjusting for inflation cleans it too little. No perfect measure exists.
848 more days to go.