Gas prices -- how low can they go?

floridafan said:
Lets try some facts:

Its far more complicated than your simplistic rhetoric

U.S. gasoline prices have followed a drop in the futures market for both crude oil and gasoline. Those markets are down because investors are worried interest-rate hikes will slow the economy as central banks get aggressive in combating inflation.

U.S. demand for gasoline, jet fuel and diesel is down more than 10% compared to 2019, before the pandemic began, according to the Energy Information Administration. Gasoline stations have responded by lowering prices.

The dollar is also having an effect. Oil is generally priced in U.S. dollars, so a stronger greenback makes the commodity more expensive to holders of other currencies. Earlier this week, the dollar index, which tracks the currency against a basket of six counterparts, climbed to 108.56, its highest level since October 2002.
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Oil prices are finally starting to come down a bit. The reason has nothing to do with investors. It has everything to do with COURT ORDER that requires Biden to finally permit drilling.
 
Concart said:
So what? Are gas prices falling, or aren't they? It's a combination of greater supply and lower demand. You dumb fucks bitched and moaned about gas prices rising when supply was more limited. But suddenly you do a 180. You are a hypocrite who utterly lacks any economic knowledge or critical thinking skills.
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Supply is improving, thanks to a COURT ORDER directing Biden to permit drilling for oil.
 
One of the things they are doing is making gas instead of home heating oil. Those who need that are fucked.
 
Cypress said:
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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
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How low can our strategic reserves go?
 
Consumption is down because of inflation. And our SOR is about 55% of what it was when Biden was inaugurated. When should not keep selling oil out of the SOR.



WASHINGTON—The Biden administration has leased fewer acres for oil-and-gas drilling offshore and on federal land than any other administration in its early stages dating back to the end of World War II, according to a Wall Street Journal analysis.

President Biden’s Interior Department leased 126,228 acres for drilling through Aug. 20, his first 19 months in office, the analysis found. No other president since Richard Nixon in 1969-70 leased out fewer than 4.4 million acres at this stage in his first term.
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https://www.wsj.com/articles/federal-oil-leases-slow-to-a-trickle-under-biden-11662230816
 
ExpressLane said:
Consumption is down because of inflation. And our SOR is about 55% of what it was when Biden was inaugurated. When should not keep selling oil out of the SOR.



https://www.wsj.com/articles/federal-oil-leases-slow-to-a-trickle-under-biden-11662230816
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Domestic U.S. oil production is currently at or near record levels in American history.

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

The amount of acres leased is meaningless. Oil companies have a habit of leasing a lot of mediocre or low yield acreage and then sitting on it for years or decades without doing anything with it.
 
Hawkeye10 said:
Exports are at massive records, both crude and natural gas ....it is not for us.
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That's capitalism and free markets.

I am surprised to see you make the case for the socialism of national Oil companies and national control of oil and mineral wealth.
 
Cypress said:
That's capitalism and free markets.

I am surprised to see you make the case for the socialism of national Oil companies and national control of oil and mineral wealth.
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I am a Progressive (non UTOPIAN) , I call myself a Zen Socialist, so I am for instance in favor of nationalization of the railroads and medical system,but I said no such thing here.
 
Cypress said:
Domestic U.S. oil production is currently at or near record levels in American history.

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

The amount of acres leased is meaningless. Oil companies have a habit of leasing a lot of mediocre or low yield acreage and then sitting on it for years or decades without doing anything with it.
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And we should be at even higher oil production. We are still producing (11,816 million) barrels less of oil per day than we did during Donald Trump (13 million).. (1.18million barrels a day less.) Biden is covering this shortfall by sell oil out of the SOR. That can't last forever.
 
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ExpressLane said:
Average gas prices rose under Trump 7 cents a gallon over 4 years. $2.32 when he took office $2.39 when he left office.
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According to the Revolution prices are getting closer to where they should be.

The situation will be much better after the election.
 
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