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GASOLINE

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Leaving aside the still-high price of diesel, a backlog in new trucks and a difficulty in finding younger drivers could mean an already-stressed industry will remain that way for months, and possibly even years.
"He seems to think we can drop the price 20 cents to be patriotic," Kent Satrang, owner of the Petro Serve USA gas stations, said on this episode of Plain Talk.
The report comes as the Biden administration prepares in the coming months to unveil new safety-related rules to curb methane emissions from pipeline systems that transport gas from production to local distribution.
The national median gas price set a record last week, topping $5 per gallon, according to the American Automobile Association, though it has since dropped below that mark.
The president will also call on states to temporarily suspend state fuel taxes, which are often higher than federal rates, and he will challenge major oil companies to bring back idled refining capacity.
Particularly galling to the White House is the jump in industry stock buybacks, returning to investors profits that the administration wants invested in more refining capacity to bring gasoline prices down.

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Biden also said his staff would meet with oil industry executives this week after he told U.S. refiners in a letter last week that unprecedented profit margins are unacceptable and called for “immediate action” to improve capacity.
The average price of gas in Minnesota and nationwide hit record highs last week, including at $4.98 per gallon nationwide on Monday, according to AAA. The national average rose to $5 a gallon last week for the first time.
Want to fix gas prices? Clear the roadblocks in the way of building new refineries. End the political war on oil production.

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