Domestic Crude Oil Peaked at $145 a Barrel in 2008. It Closed Yesterday at $118.50. So Why Is Gas at the Pump at All-Time Highs?

Domestic Crude Oil Peaked at $145 a Barrel in 2008. It Closed Yesterday at $118.50. So Why Is Gas at the Pump at All-Time Highs?

Part of that, as the above stories illustrate, is just plain ole price gouging. But the big picture is more complicated than that. According to the EIA, in addition to the 61 percent of the price of a gallon of gas that comes from the cost of crude oil, the other 39 percent shakes out as follows: the costs of refinement (14 percent), distribution and marketing (11 percent), and taxes (14 percent).

And refining* looks to be a particular problem right now. The EIA reports that as of January 1, 1982, the U.S. had 301 refineries in operation. That compares to just 129 in operation as of January 1, 2021.

Related:

*Chevron CEO says there may never be another oil refinery built in the U.S.

Previously:

More Oil From U.S. Strategic Petroleum Reserve Heads To Europe

Feds target Steve Bannon-linked company for the ‘unlawful spreading of COVID-19 misinformation’

Feds target Steve Bannon-linked company for the ‘unlawful spreading of COVID-19 misinformation’

DOJ Statement: Justice Department and FTC Announce Action to Stop Deceptive Marketing of Purported COVID-19 Treatments

I don’t understand why Congress even had to make it law, considering the following (I’m not saying that either help or not): 🤦🏼‍♀️

In 1994, the Dietary Supplements Health and Education Act was passed which established the guidelines for dietary supplement labeling claims for the FDA. This act requires labeling claims to be “truthful, not misleading and substantiated.” Likewise, the FTC has its own legislation under the Enforcement Policy Statement on Food Advertising which applies to supplements as well as food. This act defers to the FDA’s ruling on what is considered to be truthful, not misleading and substantiated and defines a deceptive ad as “one that contains a misrepresentation or omission that is likely to mislead consumers acting reasonable under the circumstances to their detriment.”

Generally, a claim that is made on a dietary supplement must be backed by scientific evidence to be considered for inclusion on a label by the FDA. For FTC requirements, these same requirements must be met, however any claims that can be inferred from the advertising or anything that is implied by claims made must also be truthful and substantiated. It is important to be meticulous in label creation to ensure compliance with these laws. Unless you are well versed in FDA and FTC regulations, it is extremely important to consult with an label consultant to ensure that no label claims may be subject to disciplinary action by these federal agencies.

False Advertising in Dietary Supplements

FTC asks court to force Bannon to testify on Cambridge Analytica scandal

FTC asks court to force Bannon to testify on Cambridge Analytica scandal

FTC prosecutors said they want to interview Bannon as part of a probe into whether he should be found personally liable for his involvement in the breach, in which the now-defunct political data firm improperly obtained information on about 50 million Facebook users. Before joining Donald Trump’s 2016 campaign team, Bannon served as vice president and a board member of Cambridge Analytica, which also did work for the president’s campaign.