re Why are gas prices so high? Not rocket science

Garland TX

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Pay attention, Dallas and I'll explain supply and demand to you. Gas is derived from oil. Oil is a commodity and the price of oil is set by the open market. The price of a barrel is determined by cost of acquiring oil leases, cost of drilling and extraction, cost of transportation to a refinery where it is refined to gas, diesel and other products. The gas and diesel is then subjected to the cost of transportation to point of sale where the seller's expense and profit along with even more state and federal taxes added. When biden took office, the price of a barrel of oil was around $40.00. After he stupidly cut the production, future drilling and pipelines that would have brought millions of barrels of oil from Canada to be refined here in Texas, oil is now around $100.00 a barrel. Since oil production in the states was cut by biden, refineries had to turn to the world market again in order to meet the demand in our country. This forced the price of oil up world wide. I agree this is not rocket science, just simple math applied to the cost of a product when the demand is greater than the supply. I hope I was able to explain supply and demand in a way you can understand. If I failed, perhaps your fifth grade teacher can do a better job of explaining it to you than I.