Colin Eaton

speaker

191 appearances 3 recordings 1 series first heard Jul 2021 last heard Apr 2022

Colin Eaton’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Gas Prices Aren't Falling Along With Global Oil Prices · 13 Apr 2022 podcast

And then prices recently, last month, began shooting up higher following Russia's invasion of Ukraine.

which created a lot of uncertainty about how many Russian barrels would be basically pushed out of the market by companies in the Western hemisphere.

The refineries and traders have stopped taking a lot of Russian barrels.

And the question is whether these barrels find their way to other markets in Asia and how large the impact is going to be in terms of oil flows globally.

So that's hanging over fuel prices.

But recently, there have been signs that demand could take a hit because of lockdowns in China due to COVID-19, which could reverberate around the global economy.

So gasoline is made out of oil, essentially, by refineries, dozens of refineries around the country.

But it's part of this system that turns oil into gas.

It is not controlled by any one company.

There are thousands of companies that drill for oil.

There are dozens that refine it into fuel.

And then that gasoline is sold at wholesale prices.

to gasoline stations, and then consumers buy it at the pump.

And so at each point in that chain, companies do have some sort of influence over the price.

But all these are subordinate to a global market, which is high.

highly unpredictable and has been more unpredictable than in the past because, again, of Russia's invasion of Ukraine, the potential for lockdowns in China and elsewhere, and the uncertain economics around COVID-19.

Well, that's because gasoline prices, the final price at the pump that you pay, is ultimately set by the gas stations themselves.

Gas stations pay a price for gas from refineries, from fuel distributors, and they have to keep prices elevated above a certain level to make a margin.

Now, when price of oil falls sharply, they're often making up margin that they lost when oil prices shot higher and their wholesale gas prices shot higher.

So competition among gasoline stations keeps prices anchored

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