During October, gas prices in Florida were 25 cents lower, thanks to a “tax holiday” signed by Governor DeSantis. That tax expires this morning. I’m sure the headlines from the MSM will be how it is DeSantis’ fault that Florida gas prices just went up by 25 cents a gallon.
Meanwhile, Joe Biden is slamming oil companies for making “record profits” while “price gouging” the American public.
Exxon Chevron made a combined profit of $29 billion for the second quarter for all sales of everything they sell, worldwide. During that same quarter, Americans used about 35 billion gallons of gasoline, meaning that the Federal government collected $7 billion in profits from the sales of gasoline. Then there are the taxes on other Exxon products: oil, natural gas, diesel, propane, and more. Who is making the record profits here?
Ronald Reagan summed it up nicely: Tax and spend.
Meanwhile, the US has less than a three week supply of diesel fuel, which is less than half of the normal amount. That doesn’t mean we won’t have any diesel in three weeks. What it means is that supply is short. That means that the law of supply and demand dictates a rise in diesel prices. Farmers rely on tractors, and our supply lines rely on trains and trucking, all of which depend on diesel. This will mean that the prices on everything will soon begin to climb. Right now, diesel stands at $5.25 a gallon in my area. Let’s see how that goes.