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Trump claims Americans are being gouged at the pumps
Posted on 6/24/26 at 7:42 am
Posted on 6/24/26 at 7:42 am
Maybe refineries had to clear out some of the higher-priced stock, but if that's not the case, then Trump is correct that there is gouging going on.
Spare me the muh pump prices drop slower than trading prices. I used to own a gas station, unlike everyone else here, so I know how it works.
Every local station has taken a delivery of lower-priced fuel by now, meaning pump prices should be dropping steadily. When a new shipment arrives, you don't just magically switch to the new price, obviously. You have to calculate a moving weighted average of the remaining gallons in the underground tank versus the volume and cost of the new delivery. Not doing so is a fast path to bankruptcy. A standard delivery drop is much larger than the leftover 'heel' in the tank, the lower-priced delivery heavily dictates the new weighted average. The cost basis drops immediately, and the pump prices should follow it if prices have dropped a ton.
Still, Trump isn't far off here, as gas stations will not lower their prices until after the holiday travel period is over. They all know you are used to the prices by now and are looking to make a lot of money off of people traveling for the 4th. They already made some off of the past weekend with Juneteenth and Father's Day.
Spare me the muh pump prices drop slower than trading prices. I used to own a gas station, unlike everyone else here, so I know how it works.
Every local station has taken a delivery of lower-priced fuel by now, meaning pump prices should be dropping steadily. When a new shipment arrives, you don't just magically switch to the new price, obviously. You have to calculate a moving weighted average of the remaining gallons in the underground tank versus the volume and cost of the new delivery. Not doing so is a fast path to bankruptcy. A standard delivery drop is much larger than the leftover 'heel' in the tank, the lower-priced delivery heavily dictates the new weighted average. The cost basis drops immediately, and the pump prices should follow it if prices have dropped a ton.
Still, Trump isn't far off here, as gas stations will not lower their prices until after the holiday travel period is over. They all know you are used to the prices by now and are looking to make a lot of money off of people traveling for the 4th. They already made some off of the past weekend with Juneteenth and Father's Day.
13
Posted on 6/24/26 at 7:45 am to stout
Gas at the pump is always quick to rise to reflect the price increase but always slow to drop once prices at the rack come down. I used to wait for my competitors to dropped before I would. It’s not just big oil. It’s distributors and retailers too.
This post was edited on 6/24/26 at 7:48 am
Posted on 6/24/26 at 7:45 am to stout
Big Oil has been fricking everyone the whole time during this Military Op
Posted on 6/24/26 at 7:48 am to stout
Duh! Soon as the shite kicked off gas prices started going up... 
Posted on 6/24/26 at 7:48 am to W2NOMO
quote:
I used to wait to my competitors dropped before I would.
Sort of. If I had taken a delivery, I would drop lower than the station down the road because IDC about making money on gas. My station had a full kitchen, so the huge margins on fountain drinks and the hot box were what I cared about. Getting people in the door mattered more than a few more cents on gas.
This post was edited on 6/24/26 at 7:49 am
Posted on 6/24/26 at 7:50 am to stout
Posted on 6/24/26 at 7:51 am to SDVTiger
quote:
Big Oil has been fricking everyone the whole time during this Military Op
Don’t forget the traders like Vitol and Trafigura.
Posted on 6/24/26 at 7:51 am to stout
Gas has dropped 80 cents in a month here. Down to $3.
Posted on 6/24/26 at 7:52 am to stout
quote:
Getting people in the door mattered more than a few more cents on gas.
As you know, that’s the game. Nobody is making money on gas. That’s why every gas station is a convenient store now. They all used to be service stations or only gas pumps.
This post was edited on 6/24/26 at 7:52 am
Posted on 6/24/26 at 7:53 am to stout
quote:
Sort of. If I had taken a delivery, I would drop lower than they station down the road because IDC about making money on gas. My station had a full kitchen, so the huge margins on fountain drinks and the hot box were what I cared about. Getting people in the door mattered more than a few more cents on gas.
I had an interstate store. I did about 8-10k gallons on weekends, 4-6 during the week. Car wash, sandwich shop, dispensed drinks. I did a brisk coffee business in the AM. Gas wasn’t always the first thing on my mind but when I could make an extra 2-4% margin before dropping, I’d work it. I never wanted to be the highest price for gas but I wasn’t gonna be the lowest either. Fun times.
ETA: 30 years ago.
This post was edited on 6/24/26 at 7:56 am
Posted on 6/24/26 at 7:54 am to Bob_Sugar
quote:
Nobody is making money on gas.
Yeah, I would generally mark it up enough to cover credit card processing fees. The only time I made money on gas was if someone paid cash, and that was rare.
Posted on 6/24/26 at 7:58 am to W2NOMO
quote:
I could make an extra 2-4% margin before dropping,
Yeah, I would too but that was only to make up for the times I had to drop before taking a delivery because my competitors dropped, and I lost money on gas to keep people coming in.
quote:
Fun times.
Glad you think so. I grew to hate my station over time and sold it. Your employees steal more from you than any customer could, unless you micromanage, which I am not good at.
Posted on 6/24/26 at 7:59 am to SDVTiger
quote:
Big Oil has been fricking everyone the whole time during this Military Op
Speculators have
Posted on 6/24/26 at 8:18 am to loogaroo
quote:
Don’t forget the traders like Vitol and Trafigura.
What about vanguard? obama is heavily invested in them and when bp went up in flames in the gulf, he made a huge amount of money. Could this be part of the equation?
quote:
From adamdodson;
“Goldman Sachs wasn’t alone either in its astute “foreknowledge” of the collapse of BP’s stock value due to the Gulf disaster as BP’s own chief executive, Tony Hayward, sold about one-third of his shares weeks before this catastrophe began unfolding too.
But according to this FSB report the largest seller of BP stock in the weeks before this disaster occurred was the American investment company known as Vanguard who through two of their financial arms (Vanguard Windsor II Investor and Vanguard Windsor Investor) unloaded over 1.5 million shares of BP stock saving their investors hundreds of millions of dollars, chief among them President Obama.
For though little known by the American people, their President Obama holds all of his wealth in just two Vanguard funds, Vanguard 500 Index Fund where he has 3 accounts and the Vanguard FTSE Social Index Fund where he holds another 3 accounts, all six of which the FSB estimates will earn Obama nearly $8.5 million a year and which over 10 years will equal the staggering sum of $85 million.
quote:
Vanguard is one of the largest institutional shareholders of BP p.l.c. (NYSE: BP), holding a multi-billion dollar stake in the global energy giant. Through its various mutual funds and ETFs, Vanguard provides retail and institutional investors with significant exposure to BP's performance and dividends.
Posted on 6/24/26 at 8:19 am to W2NOMO
quote:
Gas at the pump is always quick to rise to reflect the price increase but always slow to drop once prices at the rack come down.
This applies to most products, as well.
Greed
Posted on 6/24/26 at 8:24 am to stout
I see he is using the ole Sleepy Joe routine. I guess he'll start shitting his pants pretty soon.
Posted on 6/24/26 at 8:26 am to stout
Posted on 6/24/26 at 8:26 am to Taxing Authority
Posted on 6/24/26 at 8:27 am to stout
Remember when Biden said exactly the same thing?
Posted on 6/24/26 at 8:29 am to stout
Why is he blaming oil companies in his tweet? Chevron and Devon ain't setting the prices at Buc-ee's and 7/11's.
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