IF the US is no longer buying Russian oil, why did our price of oil drop?

The other suppliers of oil have filled in the gap, I surmise.

China back on covid lockdown will reduce demand.

Positive talks in Ukraine also reducing scarcity.

Some US locations have been given the go ahead to drill again.

@LadyMarissa I don’t think those in charge are trusting Putin’s word. I feel that they are pretty aware of his games.

As to why oil has dropped, maybe the government has released some of the strategic supplies, put pressure on oil companies or put some pressure on the Middle East oil suppliers.

Several reasons, but apparently Chinas lock down is helping also in some states they are dropping gas taxes to help as well there are also. But honestly if you ever noticed gas prices always goes down around summer and holidays. Why? So people can travel and spend money on the economy. High gas prices means more people stay home.
Watch. In the summer gas prices will go down even more but by then it could be because our high gas demands are being met.

The oil prices are not actually tied to Russia. More like what oil companies think they want to get away with setting the prices at.

The first line of the referenced link states Oil prices fell sharply on Tuesday after Russia indicated it will dial back its assault in parts of Ukraine. Maybe it’s not truly tied directly to Russia but this report ties it to Russia. I’ve not seen anything else giving a different POV. I don’t find $99.25 enough below $100 to start traveling for fun…still, it’s heading in the right direction for a change!!!

The price of oil is speculating on future developments. Political events can influence prices as speculators gamble on the future. A drop to $99 is not a major move and can reverse itself tomorrow. It may just be speculating that we will open new drilling here in the states. I keep hearing rumors but haven’t seen anything solid in that vein.

People stopped lining up at the pumps. Supply and demand dynamic. There was an initial mini “panic.”

For a few weeks there was always every pump with a car next to it at my gas stations and at least 3 cars waiting and today I went for gas and three pumps had space for me to pull right up.

Also, maybe there is more supply again from our own oil supply and other countries. That I don’t know for sure.

Some states suspended taxes they have on gas at the pumps. I think that’s a mistake. If you live in one of those states I might appear prices came down, but actually, there’s no guarantee a gas station will charge less, they can just make more profit.

It is always important to remind yourself, that there is no AI, program, or mythical “invisible hand” in charge to automatically adjust prices.
They are decisions made by people.

I got gas at Costco in Danbury yesterday. 4.05 per gallon. Then I remembered after @JLeslie posted it that the CT gas tax was suspended last Thursday, which takes off 25 cents per gallon. Still at 4.30 per gallon, it’s a bit less than it was a few weeks ago. 4.05 per gallon is great. Costco adjusts their prices, not like some local gas stations that might keep some of the profit for themselves.

Gas is back up to around $4.40 here.

We’re hovering between $4.19 & $4.29 at most of the stations that I frequent. One station blatantly keeps theirs at 10 cents above the highest price in town. Then they wonder WHY they’re losing business!!!

Gas in Northern California is just under $6 at the cheapest places. The Chevron in Mendocino was on the front page of the SF Chronicle for hitting $9.60 for regular.

^^$6 regular? What city in NC?

@JLeslie All over Northern California. Chevron in Orinda (which is always at the high end) is $6.69 for regular. Arco in Martinez is $5.89. The “cheap” place in Orinda is $5.79 for cash, $5.89 for credit card.

@zenvelo Are people doing anything to buy less? Are companies letting people work from home more?