Gas Prices hit new Record Lows

[js27]

Yes indeed-The Democrats are the puppets of China and the rest of the world elites. Biden closes the Pipeline down and gas almost doubled in a matter of 6 weeks. Gas here was $1.67 last summer. Was $1.86 a gallon in November before the election and BANG it is $2.59 today and going up about .25 cents a weeks--Where will it stop ??
The excuse it is because of Texas is bullshit. Texas is not the only oil supplier in this country and they had a extremely cold week and had some problems but it is over now I Believe.
JS27

[chargerdon]

First, lets knock off the political comments. 

Second, The price of gas and the pipeline... is just an excuse.   Recognize, that pipeline is NOT in operation, and was scheduled to not be finished for nearly 10 years.   No way in hell does a 10 year off pipeline cause the price of gas to jump like this.    Hell, in 10 years nearly all new vehicles will be electric making this pipeline superfluous !!

[HP2]

Why is it difficult to grasp the loss/drop in output from 47 refineries may have an impact on prices? Texas has more than twice as many refineries as any other state at 47. The next closest is Louisiana at 19.  There are only 135 total refineries in the US.  If a fire at a single refinery can send prices up, what do you think is going to happen when a third of the total capacity is crippled for several weeks?  Nevermind the fact that more people are driving now than a year ago, manufacturing never stopped, and we are making more plastic than ever...all of which create greater demand for oil.

Look at the chart provided by mopartaz. It shows that oil prices are not a reflection of US political ideology as they have risen and fallen despite the party occupying the White House. They rose under Ford. They rose under Carter. They dropped under Reagan. They were up and down under Bush 1. They dropped under Clinton. They rose under dramatically with Bush 2. They rose further then fell under Obama. They rose then fell under Trump. I don't see the correlation between Democrats and Republicans and oil prices over the long term.