Gasoline

“Just a year earlier, in 1910, gasoline, once near a worthless byproduct routinely dumped into rivers, had outsold kerosene for the very first time.”

“The national average just under three months ago was two dollars and 81 cents per gallon, and now it's all the way up to three dollars and 88 cents per gallon. That's really a huge increase of over 30% In terms of the cost of gasoline going up.”

“In 1938 and 19 39, one exported courtier dress would pay for 10 tons of imported coal, and a liter of exported perfume would pay for two tons of imported gasoline.”

“Inflation was never on an underlying basis anything like eight or nine. It was like five artificially pushed up by used cars and airline fares and a bunch of stuff like that gasoline. And the thing about stuff that mean reverts is that it mean reverts. And so …”

“The average household is now spending 5000 a year on gasoline. That's almost double last year.”

“And so I don't think people really understand that when you poke out different products that we use that come out of the barrel, like say gasoline, it still doesn't affect the entire barrel.”

“There are the large volume products like gasoline and diesel, and jet fuel's in the middle, but gasoline and diesel. They constitute about 40%, 50% of the barrel. They don't trade at hugely high prices, but they trade in very massive volumes.”

“So yeah, John Dee becomes the wealthiest person in like, you know, modern human history before gasoline.”

“And so by revenue, gas makes up typically two thirds of sales for gas stations, but it only makes like one third or less of profit. The majority of profit comes from buying shit on the inside.”

“Step forward, 10 years time, and there won't be any gasoline and a lot, it'll be a lot of delivery, but, you know, for the time being, that's a good number.”

“So many of these early companies got to be pretty good at producing one dollar worth of gasoline, but it cost them eight dollars to do it, which was a horrible business model.”