Gas prices -- how low can they go?

[Cypress]

.
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.com/why-gas-prices-going-down-2022/?amp=true

 

[Celticguy]

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.

 

[BartenderElite]

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.

LOL

NOW causality is important. It sure wasn't when prices were going up - then, it was just, "Biden!"

 

[Celticguy]

LOL

NOW causality is important. It sure wasn't when prices were going up - then, it was just, "Biden!"

yes it WAS Biden, he hamstrung domestic production and started the war with Russia.

 

[BartenderElite]

yes it WAS Biden, he hamstrung domestic production and started the war with Russia.

Gas prices were already going up before any of that.

 

[Cypress]

yes it WAS Biden, he hamstrung domestic production and started the war with Russia.

Putin started the war, and monthly domestic oil production is near historic highs

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M

 

[Celticguy]

Gas prices were already going up before any of that.

of course because inflation was already on the rise before they went into high gear.

 

[BartenderElite]

of course because inflation was already on the rise before they went into high gear.

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

Oops.

 

[Celticguy]

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

Oops.

thank Powell for that.

 

[Poor Richard Saunders]

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.

So if demand is almost the same in May, June, and July, when did this demand crater? In fact, the demand for gasoline in July was up 1% from June.
https://www.eia.gov/petroleum/supply/weekly/archive/2022/2022_06_29/wpsr_2022_06_29.php

Gasoline demand:
July 29 - 225.3
June 29 - 221.6
May 25 - 219.7
April 27 - 230.8

 

[Celticguy]

So if demand is almost the same in May, June, and July, when did this demand crater? In fact, the demand for gasoline in July was up 1% from June.
https://www.eia.gov/petroleum/supply/weekly/archive/2022/2022_06_29/wpsr_2022_06_29.php

Gasoline demand:
July 29 - 225.3
June 29 - 221.6
May 25 - 219.7
April 27 - 230.8

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

 

[Poor Richard Saunders]

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

Gas traders don't create demand. Demand is what is demanded and used.
Since demand has not changed, where is your crater that you says exists?

 

[Cypress]

National average for a gallon of gas drops below $4

The national average price for a gallon of gasoline dropped below $4 on Thursday for the first time since March, in an ongoing sign that inflationary pressures for consumers are easing.

The price for a gallon of regular gas stood at $3.99 on Thursday, according to AAA. That’s more than a dollar below the record $5.02 consumers paid in June, unadjusted for inflation.

https://www.cnbc.com/amp/2022/08/11/national-average-for-a-gallon-of-gas-drops-below-4.html

 

[Cypress]

$3 gas could be around the corner

https://amp.cnn.com/cnn/2022/08/15/energy/gas-prices-falling-oil/index.html

 

[ExpressLane]

.
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.com/why-gas-prices-going-down-2022/?amp=true

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/a...ategic-petroleum-reserve-faster-than-it-looks

 

[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/a...ategic-petroleum-reserve-faster-than-it-looks

Meanwhile, domestic oil production is projected to hit an all time high record.
https://www.justplainpolitics.com/s...on-set-to-break-records&p=5240686#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.

 

[Noking]

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.