For some reason oil is priced on a GLOBAL basis, so we who do not need foreign energy nor that risk premium, have to pay for the other countries' needs and risks.
You misunderstood. What I meant was there is a lower bound on price. IE a price it cannot drop below or the whole process won’t be economical.
Essentially meaning there is only 1 limit on the price of oil and gas. That being a price it cannot drop below unless the company is willing to operate at a loss for a prolonged period. The price on Gas and Energy however has never gotten near that lower limit in decades.
The Price remains skyhigh in part because of the speculative nature of the pricing model. And in part because they know they can get away with price gouging. People complain but they still fork over cash. Because American Cities and Society by and large is built around privately owned personal cars. Public transport is limited to non-existent in significant parts of the country. And where it does exist. It can be of dubious quality and run on inconsistent schedules. So it’s not like you can vote with your wallet and protest gas prices by taking a Bus or Train to get where you’re going. If you can’t guarantee the transport will get you there on time. Or be safe to use.
That and the entire objective of a Business in Modern America is to hopefully make piles of money. Not break even or only make a little profit. So there’s no reason why a Company would price their products to only break even or only come out a little ahead in their business model.
The TLDR: The Price is high because of the speculative nature of the Business Model. American Corporate Culture as a whole considers Greed and Avarice admirable.That and the Companies are well aware they can get away with being greedy because everyone needs gas and energy. In part because there is no truly viable alternative anymore to privately owned personal vehicles based off how we have decided to structure our towns, cities and broader society. Making it near impossible to vote with your wallet at the pump as you still need to commute and do any multitude of chores and other things that require driving.
Don't forget the way some states are being run (into the ground), such as Assachusetts. There is nothing that they will not tax to oblivion. Most, or much of the price of gas is their damned taxes. Could be the oil & gas companies as well. Our oil does not use the Strait of Hormuz
The animated video in the X post ranks countries by daily oil production and shows the United States at #1 with 20.879 million barrels per day (bpd), well ahead of others (e.g., Canada around 5.7 million). This figure is broadly accurate but depends on the exact definition of "oil production" used.
Key Distinction: Crude Oil vs. Total Petroleum Liquids
Oil production statistics come in two main categories, which explains most apparent discrepancies:
Crude oil (including lease condensate): This is the traditional measure of raw oil pumped from wells. In 2025, the US led the world with an average of about 13.58–13.6 million bpd, setting a new record.
energynow.com
Total petroleum liquids (or "all liquids"): This broader category includes crude oil + natural gas liquids (NGLs), biofuels, and refinery processing gains. Under this definition, the US has long been the clear global leader at around 21–23 million bpd in recent years (e.g., 21.91 million bpd in 2023 data from the US Energy Information Administration, or EIA).
eia.gov
The video's 20.879 million bpd figure for the US aligns closely with total petroleum liquids (not strict crude oil). This is a common way to compare "oil production" in broader energy contexts, as it better reflects a country's overall liquid fuel output. Similar totals appear in sources like Worldometers or older EIA snapshots for the US.
worldometers.info
Is the US #1?
Yes, the United States has the highest oil production in the world under both common measures:Crude oil only — US (13.6 million bpd in 2025) >> Russia (9.9 million) > Saudi Arabia (~9.5 million). Canada is next at ~4.9–5 million.
visualcapitalist.com
Total liquids — US (~21+ million bpd) far exceeds Saudi Arabia and Russia (each around 11 million bpd in broader measures).
eia.gov
No other country comes close. The US has held the top spot for crude oil since around 2018–2019 thanks to shale/fracking growth, especially in the Permian Basin.
Quick Top Producers (Approximate 2025 Averages)
Crude oil (million bpd):
United States: 13.58
Russia: ~9.9
Saudi Arabia: ~9.5
Canada: ~4.9
Iraq/China: ~4.3–4.4
Total liquids (million bpd, recent EIA-style):
United States: ~21–23
Saudi Arabia: ~11
Russia: ~10–11
Canada: ~5–6
The video's ranking and US dominance are true when using the total liquids metric (which the ~20.879 figure suggests). If the graphic claimed 20+ million for strict crude oil only, that would be overstated—but it doesn't appear to do so based on the context.
Note that the US still imports some crude oil for refining (while exporting a lot of its own production), which is why net import discussions sometimes arise. Production leadership is separate from consumption or net trade.
Data comes primarily from the EIA (the most authoritative US source for these stats), with corroboration from Visual Capitalist, IEA, and others. Figures can vary slightly by year, month, or exact inclusions, but the US lead is consistent and not in serious dispute.
Gas prices are decided by global supply and demand for crude oil, which acts as the primary driver, with no single company or government controlling the price. The final cost at the pump is determined by four main components: crude oil (approx. 47% of the price), refining costs (approx. 16%), distribution and marketing (approx. 20%), and federal and state taxes (approx. 17%).
Global supply and demand = cost of crude per barrel = base gas prices up and down. USA pumps and refines more than the USA consumes but, since it is a Global set price, any disruption in any country who supplies to the many countries that need, the price goes up.. such as the disruption in Iran's shipping and Iran disrupting the flow through the straight that they do not even own.
Global average of roughly $5.68 per gallon
Cheapest Gas: Countries like Libya ($0.09/gal), Iran ($0.11/gal), and Venezuela ($0.13/gal) offer rock-bottom prices due to oil subsidies and low taxes.
Most Expensive Gas: Hong Kong leads at $15.37/gal, followed by Malawi ($10.83/gal) and Norway ($10.37/gal), largely due to high environmental taxes and import costs.
United States: The U.S. average sits at $4.29 per gallon (as of March 23, 2026), placing it in the top third of the cheapest nations globally, despite recent spikes driven by the war in Iran and tariffs on imported crude.
So, no.. more often than not it is NOT "the gas companies gouging" though, always need to keep an eye on that, same with every big producer companies.
So we have no control over our own fuel pricing?!!!! Did that change or something? Because I remember paying between $.79 and $.90 per gal back in '92 when I first got my driver's license at 16 y.o.
Well what we have to do today in order to produce your gasoline is a whole lot more. We have to operate a lot of units to remove sulfur and other components that we didnt use to.
Also all the added on components for our emissions to the air in the refinery. SCRs, scrubbers, etc. So all this additional costs regulated by the government gets passed on to the consumer. For a US made product that is. Overseas they do what ever they want and pollution isn't a big deal.
At the same time, the companies cut our pay, reduce our benefits, and make it not nearly attractive place to work. Who wants to work in this industry and deal with a much higher cancer risks while the company reduces and tries to work at taking your health insurance? So there is definitely a whole lot of greed from these companies also. So no doubt if they can inflate product prices they are going to do that too.
No, it has always been this way.. well always as in last couple gens before that, donno, would have to look it up. Global market sets the price per barrel of crude based on supply n demand. Maybe, it has something to do with increased state and fed taxes since then and or the price of other things related to processing the crude into gas? Remember back during Biden, they were pressing HIGH taxes on natural gas and gasoline to combat "climate change".. Some states STILL are doing that btw.. like WA for one.. Our Dollar as well has weakened since the 90's .
These oil companies and the speculators working on their behalf have been allowed to fleece The People for far too long. Our prices should be well below $1.50/gal in every state except for those that heavily tax fuel and restrict drilling.
My question is if this is true, then why isn't our gas a lot cheaper? The oil & gas companies are price gouging?
For some reason oil is priced on a GLOBAL basis, so we who do not need foreign energy nor that risk premium, have to pay for the other countries' needs and risks.
CAN'T TRUMP FIX THIS?!?
Stand by.
If that's still happening, it needs to be smashed to smithereens.
Gas is priced speculatively.
There’s a lower bound on price. Where the oil/Energy companies are essentially breaking even. Maybe coming out a little ahead. But not by much.
But there is no upper bound on price. Essentially they’re just tossing a dart at a board and saying it’s the new price.
They justify with rhetoric about threats and global factors. It’s mostly noise to justify the arbitrary price points they decide on.
If they're barely breaking even or slightly above, why are they registering record profits year after year for the last 25+ yrs?
Is it because of the speculators?
You misunderstood. What I meant was there is a lower bound on price. IE a price it cannot drop below or the whole process won’t be economical.
Essentially meaning there is only 1 limit on the price of oil and gas. That being a price it cannot drop below unless the company is willing to operate at a loss for a prolonged period. The price on Gas and Energy however has never gotten near that lower limit in decades.
The Price remains skyhigh in part because of the speculative nature of the pricing model. And in part because they know they can get away with price gouging. People complain but they still fork over cash. Because American Cities and Society by and large is built around privately owned personal cars. Public transport is limited to non-existent in significant parts of the country. And where it does exist. It can be of dubious quality and run on inconsistent schedules. So it’s not like you can vote with your wallet and protest gas prices by taking a Bus or Train to get where you’re going. If you can’t guarantee the transport will get you there on time. Or be safe to use.
That and the entire objective of a Business in Modern America is to hopefully make piles of money. Not break even or only make a little profit. So there’s no reason why a Company would price their products to only break even or only come out a little ahead in their business model.
The TLDR: The Price is high because of the speculative nature of the Business Model. American Corporate Culture as a whole considers Greed and Avarice admirable.That and the Companies are well aware they can get away with being greedy because everyone needs gas and energy. In part because there is no truly viable alternative anymore to privately owned personal vehicles based off how we have decided to structure our towns, cities and broader society. Making it near impossible to vote with your wallet at the pump as you still need to commute and do any multitude of chores and other things that require driving.
Thank you! Why are we paying so much more? Panic pricing is what they call it now. It used to be called price gouging.
Yes.
Don't forget the way some states are being run (into the ground), such as Assachusetts. There is nothing that they will not tax to oblivion. Most, or much of the price of gas is their damned taxes. Could be the oil & gas companies as well. Our oil does not use the Strait of Hormuz
u/#pepedance
Drill Baby Drill!
Post - https://x.com/atensnut/status/2045145954056036534?s=20
Asked Grok if this is true ....
The animated video in the X post ranks countries by daily oil production and shows the United States at #1 with 20.879 million barrels per day (bpd), well ahead of others (e.g., Canada around 5.7 million). This figure is broadly accurate but depends on the exact definition of "oil production" used.
Key Distinction: Crude Oil vs. Total Petroleum Liquids
Oil production statistics come in two main categories, which explains most apparent discrepancies:
Crude oil (including lease condensate): This is the traditional measure of raw oil pumped from wells. In 2025, the US led the world with an average of about 13.58–13.6 million bpd, setting a new record.
energynow.com
Total petroleum liquids (or "all liquids"): This broader category includes crude oil + natural gas liquids (NGLs), biofuels, and refinery processing gains. Under this definition, the US has long been the clear global leader at around 21–23 million bpd in recent years (e.g., 21.91 million bpd in 2023 data from the US Energy Information Administration, or EIA).
eia.gov
The video's 20.879 million bpd figure for the US aligns closely with total petroleum liquids (not strict crude oil). This is a common way to compare "oil production" in broader energy contexts, as it better reflects a country's overall liquid fuel output. Similar totals appear in sources like Worldometers or older EIA snapshots for the US.
worldometers.info
Is the US #1?
Yes, the United States has the highest oil production in the world under both common measures:Crude oil only — US (13.6 million bpd in 2025) >> Russia (9.9 million) > Saudi Arabia (~9.5 million). Canada is next at ~4.9–5 million.
visualcapitalist.com
Total liquids — US (~21+ million bpd) far exceeds Saudi Arabia and Russia (each around 11 million bpd in broader measures).
eia.gov
No other country comes close. The US has held the top spot for crude oil since around 2018–2019 thanks to shale/fracking growth, especially in the Permian Basin.
Quick Top Producers (Approximate 2025 Averages)
Crude oil (million bpd):
United States: 13.58
Russia: ~9.9
Saudi Arabia: ~9.5
Canada: ~4.9
Iraq/China: ~4.3–4.4
Total liquids (million bpd, recent EIA-style):
United States: ~21–23
Saudi Arabia: ~11
Russia: ~10–11
Canada: ~5–6
The video's ranking and US dominance are true when using the total liquids metric (which the ~20.879 figure suggests). If the graphic claimed 20+ million for strict crude oil only, that would be overstated—but it doesn't appear to do so based on the context.
Note that the US still imports some crude oil for refining (while exporting a lot of its own production), which is why net import discussions sometimes arise. Production leadership is separate from consumption or net trade.
Data comes primarily from the EIA (the most authoritative US source for these stats), with corroboration from Visual Capitalist, IEA, and others. Figures can vary slightly by year, month, or exact inclusions, but the US lead is consistent and not in serious dispute.
Gas prices are decided by global supply and demand for crude oil, which acts as the primary driver, with no single company or government controlling the price. The final cost at the pump is determined by four main components: crude oil (approx. 47% of the price), refining costs (approx. 16%), distribution and marketing (approx. 20%), and federal and state taxes (approx. 17%).
Global supply and demand = cost of crude per barrel = base gas prices up and down. USA pumps and refines more than the USA consumes but, since it is a Global set price, any disruption in any country who supplies to the many countries that need, the price goes up.. such as the disruption in Iran's shipping and Iran disrupting the flow through the straight that they do not even own.
Global average of roughly $5.68 per gallon
Cheapest Gas: Countries like Libya ($0.09/gal), Iran ($0.11/gal), and Venezuela ($0.13/gal) offer rock-bottom prices due to oil subsidies and low taxes. Most Expensive Gas: Hong Kong leads at $15.37/gal, followed by Malawi ($10.83/gal) and Norway ($10.37/gal), largely due to high environmental taxes and import costs.
United States: The U.S. average sits at $4.29 per gallon (as of March 23, 2026), placing it in the top third of the cheapest nations globally, despite recent spikes driven by the war in Iran and tariffs on imported crude.
So, no.. more often than not it is NOT "the gas companies gouging" though, always need to keep an eye on that, same with every big producer companies.
So we have no control over our own fuel pricing?!!!! Did that change or something? Because I remember paying between $.79 and $.90 per gal back in '92 when I first got my driver's license at 16 y.o.
If price is too low,production will drop and prices will rise....
And .90 in 92 is not equal to .90 today. It's probably equal to several dollars due to inflation,
Well what we have to do today in order to produce your gasoline is a whole lot more. We have to operate a lot of units to remove sulfur and other components that we didnt use to.
Also all the added on components for our emissions to the air in the refinery. SCRs, scrubbers, etc. So all this additional costs regulated by the government gets passed on to the consumer. For a US made product that is. Overseas they do what ever they want and pollution isn't a big deal.
At the same time, the companies cut our pay, reduce our benefits, and make it not nearly attractive place to work. Who wants to work in this industry and deal with a much higher cancer risks while the company reduces and tries to work at taking your health insurance? So there is definitely a whole lot of greed from these companies also. So no doubt if they can inflate product prices they are going to do that too.
No, it has always been this way.. well always as in last couple gens before that, donno, would have to look it up. Global market sets the price per barrel of crude based on supply n demand. Maybe, it has something to do with increased state and fed taxes since then and or the price of other things related to processing the crude into gas? Remember back during Biden, they were pressing HIGH taxes on natural gas and gasoline to combat "climate change".. Some states STILL are doing that btw.. like WA for one.. Our Dollar as well has weakened since the 90's .
Now do a video showing National debt. But our debt will probably get canceled when the fed is audited.
Or when we find that the majority of the debt is fraud, and we go after all the countries and individuals that participated for all their worth.
These oil companies and the speculators working on their behalf have been allowed to fleece The People for far too long. Our prices should be well below $1.50/gal in every state except for those that heavily tax fuel and restrict drilling.
There was NEVER, NEVER a shortage of oil. The refining process is where the bottleneck is. (AND GREED)
Then why the fuck am I paying $4 a gallon for gas