I think it's worse than what the market will bear, I think the price is being manipulated, I think that OPEC is on the outside looking in.

China has had more to do with the price of crude not going any higher than other considerations. China's demand for crude has dropped way down, will it stay that way?

So many countries using up their strategic oil reserves designed to keep the price of crude down, then what?

IMO if a Democrat were president, crude would be well over $100/barrel, the market takes care of Republicans, after all, Krasnov gave the store away to the fossil fuel industry and stymied clean energy, the fossil fuel industry owes Krasnov.

celebrate falling prices to a dollar more than when this shit started.

But the price of a gallon of gasoline is influenced by many factors:

seasonal demand
work from home policies
pandemics
the amount of ethanol allowed into the mix
the available supply of each specific blend -- 87, 89, 91, 93, jet fuel, etc
10 other things

Yes oil futures involve speculation but now many large customers locked in high cost for months. IOW if UPS, Walmart, Fedex bought September futures when the price was $110 they are stuck with that. Oil futures are used reduce risk and uncertainty. For example, airlines sell tickets months in advance so they need to know what their fuel costs will be for Thanksgiving travel. They do that by buying October and November deliveries (futures) now or two months ago. If they bought at $110 then they aren't going to get a discount to $80 today.

'Speculation' sounds like a greedy, frivolous thing but it means some had to buy and some had to sell oil futures and neither one knew with any certainty whether prices three months into the future would fall back to $60 or rip to $150. Futures traded at $105 to $120 because it splits the difference.

Also, the price of a barrel of oil is dependent on the relative strength of the US dollar, since oil price is reported in USD.
Strong USD = lower oil price.
Weak USD = higher oil price.

….I would argue that all those influencers on gas prices that you list are weak influencers. The strong influencer is what the market will bear. Also, I was focusing on the general consumer, not, for example, airlines who buy up fuel futures to hedge against rising prices (as SWA did successfully a few years back).

Regarding oil speculation (which is the same as stocks, orange juice, etc.) - there is the argument that the US should identify oil as a strategic resource and limit futures trading of it. That would have a stabilizing effect on the price of oil.

Not to distract from the original purpose of the OP: to highlight why the price of a barrel of oil is disconnected from the price of gas.

you name it. Introducing this volatility in the market just allows the providers to see just how much we will pay for their items. I mean, the price of eggs is back down to just about as cheap as they can get. Do you think Denny's, Cracker Barrel and IHOP are going to reprint their menus with lower prices for their 3 egg omelettes? Hell no! At least not until they have too!

with EVERYTHING.......Utility prices, grocery prices, medical care, medicines, insurances, property taxes etc............
The list is endless..........The Corporations have made out like bandits since 2016, along with these new ROBBER BARRONS...
The Republicans should re name the U.S. to: ........ The United Corporations of America......

WASF

Since they have a captive market, they raise prices whenever they feel like it.

The price of a gallon of regular was $3.095 in January 2011. In February 2019, the month before the pandemic hit, it was $2.309. In between, it moved all over the place, hitting a hiigh of $3.90 in April 2011 and a low of $1.76 in February 2016.

Seems like the market price doesn't just go in one direction. https://www.eia.gov/dnav/pet/hist/leafhandler.ashx?n=pet&s=emm_epmr_pte_nus_dpg&f=m

So now quarter by quarter demand will ever so slowly decrease. The lack of growth will wreck havoc on the oil industry's financing.

I got a job a few nights a week at a gas station. It was a major brand and I learned they didn’t make much on fuel. Their profit was from the junk they sell inside.
Never buy anything inside the station until the price comes way down and you’ll be sticking to them. I stop at discount for cash stations when ever I can. That cost them.
I’d rather help the small mom and pop stores for snacks and such.

…the oil companies discovered years ago when they looked into the tech to raise gas prices during rush hour - they make the most profit on cigs and beer, not fuel….

It was a Speedway station and all of those were owned by Marathon. Most of the Marathons were franchise stores. At the time Speedway set the retail price in the Midwest.

no INDEED

People didn’t go out to buy shit . They stayed home. George Bush had to plead for people to go out and shop.
I bet if enough people don’t shop these prices will come down fast the longer we don’t shop these more desperate the craven rich will become because they can’t add to the hoards they sit on.