Gas prices -- how low can they go?

[BartenderElite]

The selling off is supposed to stop in September. Meanwhile the strategic oil reserve which is designed to protect us against an embargo or a national disaster like a hurricane is dropping to 40 year lows. By October it will be 359 million barrels. Down from a on time high of 727 million barrels.

So enjoy the price drop and pray we don't have a bad hurricane season.

Sounds like you're bummed out about the price decrease....

[Cypress]

The selling off iof the Strategic Oil Reserve s supposed to stop in September. Meanwhile the strategic oil reserve which is designed to protect us against an embargo or a national disaster like a hurricane is dropping to 40 year lows. By October it will be 359 million barrels. Down from a on time high of 727 million barrels.

So enjoy the price drop and pray we don't have a bad hurricane season.

https://www.bloomberg.com/opinion/ar...-than-it-looks

Meanwhile, domestic oil production is projected to hit an all time high record.
https://www.justplainpolitics.com/sh...86#post5240686

[ExpressLane]

ask the gas traders but they have a better feel for very current usage and that is why the price of crude is down.

Correct. The price of gas has caused a reduction in usage and that has had an effect on the price of crude.

[Trumpet]

Correct. The price of gas has caused a reduction in usage and that has had an effect on the price of crude.

So, there's more than one factor at play.

[ExpressLane]

Sounds like you're bummed out about the price decrease....

No I like the lower price I saw 3.21 at Walmart yesterday. I'm bummed that we are selling our strategic security to suck oil out of the SOR that we should be pumping from the ground in Texas and other oil producing states. Having people pissed off by your stupid energy policy isn't a good reason to sell off oil from the SOR.

[ExpressLane]

So, there's more than one factor at play.

Like what?

[gfm7175]

.
Gas Prices Are Going Down — and How Low They Could Drop

Gas prices continue to fall, notching seven straight weeks of decline and providing much needed relief on household budgets all across the country.

The national average for a gallon of regular gas is nearing the $4 mark and, as of Wednesday, is already at or below that price in 20 states, according to data from the automotive club AAA. The country-wide average is currently $4.16, a drop of 65 cents from a month ago.

The price for a gallon of regular gas hit an all-time high of $5.01 in mid-June, contributing heavily to that month’s fresh four-decade high inflation rate of 9.1%. Since then, drivers have been able to save money on gas as prices steadily tumbled coast to coast.

https://www.google.com/amp/s/money.c...22/%3famp=true

Why would I celebrate paying $4/gallon for gas when I was only paying $2/gallon during the Trump-era?

BTW, prices are shooting back up here in Wisconsin... The lowest price at the cheapest station that I track was $3.38/gallon before it shot up $0.10 and then shot up another $0.10 where it currently sits (unless it shot up ANOTHER $0.10 today)...

There will never be low gas prices under the Biden Regime because it is a FEATURE of the Green New Deal energy policy. Demonkkkrats WANT high gas prices. Stop voting for Demonkkkrats if you wish to have any money in your pocketbook. Demonkkkrats HATE the working class.

[gfm7175]

please make note of WHY prices are dipping. demand cratered demonstrating the depth of this recession.

glad prices will come down ? sure but supply had nothing to do with it so the problem is not solved, only postponed while worse things play through.

Right. Many people aren't driving as much as they used to, trying to make ends meet. They are also racking up credit card debt like never before. That's not thriving; that's nothing to celebrate.

Demonkkkrats HATE the working class. Vote MAGA.

[ExpressLane]

Why would I celebrate paying $4/gallon for gas when I was only paying $2/gallon during the Trump-era?

BTW, prices are shooting back up here in Wisconsin... The lowest price at the cheapest station that I track was $3.38/gallon before it shot up $0.10 and then shot up another $0.10 where it currently sits (unless it shot up ANOTHER $0.10 today)...

There will never be low gas prices under the Biden Regime because it is a FEATURE of the Green New Deal energy policy. Demonkkkrats WANT high gas prices. Stop voting for Demonkkkrats if you wish to have any money in your pocketbook. Demonkkkrats HATE the working class.

It will go lower before the midterms then go back up to near what it was.

[gfm7175]

LOL

NOW causality is important.

Cause and effect is always important. Gas prices have decreased a bit lately due to decreased demand for it (people aren't driving as far and/or as often, trying to make ends meet due to crushing Bidenflation).

It sure wasn't when prices were going up - then, it was just, "Biden!"

Gas prices are high (and back on the rise again) because of Biden's Green New Deal energy policies. High gas prices are a FEATURE of such energy policy as it drives down supply (it creates supply side issues).

[gfm7175]

Gas prices were already going up before any of that.

They weren't going up until after Biden's Day 1 executive orders (Green New Deal energy policy).

[gfm7175]

And inflation started at the end of Trump's term.

Oops.

No it didn't.

Oops.

[Celticguy]

Correct. The price of gas has caused a reduction in usage and that has had an effect on the price of crude.

business is also slowing down worldwide which is having a greater effect which will only continue to grow.

so gas will become cheaper but people will also be out of their jobs which is worse.

[ExpressLane]

business is also slowing down worldwide which is having a greater effect which will only continue to grow.

so gas will become cheaper but people will also be out of their jobs which is worse.

I went grocery shopping yesterday. A simple loaf of bread was $4.59. Thanks Biden

[Celticguy]

I went grocery shopping yesterday. A simple loaf of bread was $4.59. Thanks Biden

oh yeah, every week things go up (I tend to buy many of the same items week in and week out so the trend is quite obvious.