That’s a deeper dive than I can recollect. But in my opinion, the country has a strategic petro reserve to level out these these “short term transitory“ effects. And not sure where you buy your gas but it is not a 30 cent problem. It is at,least,a dollar,problem. My hood is running cash prices even with card prices.. Cash discount used to be 10 cents. Now the hood plays it at even…they don’t want to sell gas at a price lower than the 2 or 3 day cost of inventory replacement cost because of price volatility. Can’t buy gas on the card and wait for your cash win a few days when costs rises eat up the spread.Something else that gets lost in the oil/gasoline debate is the influence of storage capacity reduction that resulted from the mass mergers of oil companies a couple of decades ago. I forget the specific numbers, but we hold a far lower amount of refined gasoline in US storage facilities than we used to. When the big boys merged and bought out all of the little guys, one of their first cost-cutting/savings moves to recover those merger expenses was to shutter a large number of the storage facilities owned by the vanquished. It seems to me that the current storage capacity is around three weeks supply, compared to six months supply back in the day. That compromises our ability to offset spikes in demand or shortages in supply (hurricanes, political crises from exporting countries, pipeline shutdowns, refinery fires, switching seasonal blends, etc.). It means price hikes of 30cents per gallon when there are either demand or supply imbalances rather than hikes of 3 cents. Mostly to discourage consumers from continuint to purchase at previous levels, protecting against critical shortages.
Deregulation is always a mixed bag.
Pretty sure the cost of energy is often 10% or more of the cost of any manufactured and delivered product (and probably more these days) and so adverse energy cost policies guarantees price increases across the range of manufactured and delivered products. Is that an inflation driver?