Gas prices

The petroleum-producing cartel is trying to push global oil prices higher, but Americans aren't seeing an increase at the gas pump.

The cartel wants to manipulate production to push up prices and demand.

It's largely about the chemistry of the oil and the mechanics of the refineries. In many cases, importing foreign crude is cheaper.

Stay with us here — think about chicken parts. Higher demand for white breast meat means an excess of chicken legs.

Gas is close to the $3 per gallon mark and has broken that in parts of the South.

Several factors are keeping prices at the pump low — including the greater number of EVs and hybrids on the road.

Production cuts may no longer be as effective at propping up prices because electric vehicles are cutting into global demand.

Since the end of September, Brent Crude has been sliding — down to the $84-a-barrel range, more than a 10% decline in just over a week. This is also playing out at the pump, with gas down about eight cents a gallon in the last week.

Tight global supply raises costs for industry and motorists, but for now, the pain is milder than it was during price spikes decades earlier.

Inflation at the pump is in the pipeline for August. It would likely show up right before the Fed’s September interest rate meeting.