Gas price dropping 37 days in a row

2lion70

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This is good news!!!!

Gas Prices Going Down – But For How Long​

Like the pull of gravity, market forces are bringing gas prices down. After hitting record highs that topped $5 a gallon just over a month ago, some states are seeing prices under $4. In addition, indicators point to a continued price decline.
The average price per gallon for gas is $4.382, according to the American Automobile Association (AAA) as of this writing.
The price at the pump has declined 37 days in a row since June 14. On that date, the price of gas hit a record $5.02.

How Low Can It Go​

The downward momentum of gas prices is expected to continue at least through the next couple of months. However, one government agency expects it to continue into next year.

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“We already have many gas stations around the country that are below $4,” White House energy advisor Amos Hochstein said Sunday on Face the Nation. “This is the fastest decline rate that we’ve seen against a major increase of oil prices during a war in Europe where one of the parties in the war is the third largest producer in the world.”
GasBuddy, a tech company that monitors gas prices, sees the average pump price going below $4 next month.
“We’ve seen the national average price of gasoline declined for a fifth straight week, with the pace of recent declines accelerating to some of the most significant we’ve seen in years,” Patrick DeHaan, GasBuddy’s chief analyst noted Monday. “This trend is likely to reach a sixth straight week, with prices likely to fall again this week. Barring major hurricanes, outages, or unexpected disruptions, I forecast the national average to fall to $3.99/gal by mid-August.,”








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The Spin Meister

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This is good news!!!!

Gas Prices Going Down – But For How Long​

Like the pull of gravity, market forces are bringing gas prices down. After hitting record highs that topped $5 a gallon just over a month ago, some states are seeing prices under $4. In addition, indicators point to a continued price decline.
The average price per gallon for gas is $4.382, according to the American Automobile Association (AAA) as of this writing.
The price at the pump has declined 37 days in a row since June 14. On that date, the price of gas hit a record $5.02.

How Low Can It Go​

The downward momentum of gas prices is expected to continue at least through the next couple of months. However, one government agency expects it to continue into next year.

2022 Mitsubishi Outlander
Ad
MITSUBISHI MOTORS
2022 Mitsubishi Outlander

“We already have many gas stations around the country that are below $4,” White House energy advisor Amos Hochstein said Sunday on Face the Nation. “This is the fastest decline rate that we’ve seen against a major increase of oil prices during a war in Europe where one of the parties in the war is the third largest producer in the world.”
GasBuddy, a tech company that monitors gas prices, sees the average pump price going below $4 next month.
“We’ve seen the national average price of gasoline declined for a fifth straight week, with the pace of recent declines accelerating to some of the most significant we’ve seen in years,” Patrick DeHaan, GasBuddy’s chief analyst noted Monday. “This trend is likely to reach a sixth straight week, with prices likely to fall again this week. Barring major hurricanes, outages, or unexpected disruptions, I forecast the national average to fall to $3.99/gal by mid-August.,”








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You are getting as stupid as Jersey boy. Congratulations!
 
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The Spin Meister

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Joe congratulating red states without realizing it.

What an ass........his staff are. He didn’t write that.

And it is incredibly dumb. Under $4 is not some kind of great victory when people remember it being around $2 two years ago. And only about $2.50 when he took office. This shows how out of touch these people are. And it shows how stupid they think of the unwashed masses.
 

junior1

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May 29, 2001
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This is good news!!!!

Gas Prices Going Down – But For How Long​

Like the pull of gravity, market forces are bringing gas prices down. After hitting record highs that topped $5 a gallon just over a month ago, some states are seeing prices under $4. In addition, indicators point to a continued price decline.
The average price per gallon for gas is $4.382, according to the American Automobile Association (AAA) as of this writing.
The price at the pump has declined 37 days in a row since June 14. On that date, the price of gas hit a record $5.02.

How Low Can It Go​

The downward momentum of gas prices is expected to continue at least through the next couple of months. However, one government agency expects it to continue into next year.

2022 Mitsubishi Outlander
Ad
MITSUBISHI MOTORS
2022 Mitsubishi Outlander

“We already have many gas stations around the country that are below $4,” White House energy advisor Amos Hochstein said Sunday on Face the Nation. “This is the fastest decline rate that we’ve seen against a major increase of oil prices during a war in Europe where one of the parties in the war is the third largest producer in the world.”
GasBuddy, a tech company that monitors gas prices, sees the average pump price going below $4 next month.
“We’ve seen the national average price of gasoline declined for a fifth straight week, with the pace of recent declines accelerating to some of the most significant we’ve seen in years,” Patrick DeHaan, GasBuddy’s chief analyst noted Monday. “This trend is likely to reach a sixth straight week, with prices likely to fall again this week. Barring major hurricanes, outages, or unexpected disruptions, I forecast the national average to fall to $3.99/gal by mid-August.,”








0





What’s hard to understand is that the reasons Biden told us caused the $5/gallon haven’t changed.
Or did Putin’s war end?
Maybe Pete’s encouragement to buy electric cars is really paying dividends.
Or could it be demand is down because it normally declines after Labor Day, and/or that we’re in or near biden’s recession?
 

rumble_lion

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What’s hard to understand is that the reasons Biden told us caused the $5/gallon haven’t changed.
Or did Putin’s war end?
Maybe Pete’s encouragement to buy electric cars is really paying dividends.
Or could it be demand is down because it normally declines after Labor Day, and/or that we’re in or near biden’s recession?
Obviously it’s the keystone pipeline.
 
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2lion70

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It's double what it was when he came into office. This is like Biden saying he's created jobs when we're still under water from before the pandemic.
A growing economy with high demand and a lack of refining capacity had a lot to do with that. Then there is the supply crunch caused by the Russian invasion of Ukraine.
 
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2lion70

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What’s hard to understand is that the reasons Biden told us caused the $5/gallon haven’t changed.
Or did Putin’s war end?
Maybe Pete’s encouragement to buy electric cars is really paying dividends.
Or could it be demand is down because it normally declines after Labor Day, and/or that we’re in or near biden’s recession?
There has been a drop in demand and increases in supply. Both reasons for lower price. Oil futures are even lower and have been falling for 4 weeks, gas prices have some catching up to do. Even OPEC seems to be in the mood to increase production.
 

junior1

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SE NC under $4.00/gallon. Saw prices yesterday $3.63 and dropping.
So IYO, why the turnabout…other than the normal post July 4th decline?
I read somewhere that some refining capability came back on line
 

bison13

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It's double what it was when he came into office. This is like Biden saying he's created jobs when we're still under water from before the pandemic.
I think they’ll keep going down until around mid November
 

royboy

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Now remind me...what was the urgent need for releases from the Strategic Petroleum Reserve?

for pure political reasons??

Even some sober Biden advisers realize this is not a good tactic

'We can't be an oil supplier': Biden's adviser says oil reserve releases must end​


The Strategic Petroleum Release “was really a stop-gap measure,” says Amos Hochstein, Biden’s Special Presidential Coordinator for International Energy Affairs. “We can't be an oil supplier. It's a reserve and so we have to keep that.”

At least some companies are investing right now in the months-long process of ramping up production, he said, making him optimistic that the fears of a fall surge in prices may be overblown.
 

2lion70

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So IYO, why the turnabout…other than the normal post July 4th decline?
I read somewhere that some refining capability came back on line
From my earlier post:
There has been a drop in demand and increases in supply. Both reasons for lower price. Oil futures are even lower and have been falling for 4 weeks, gas prices have some catching up to do. Even OPEC seems to be in the mood to increase production.
 

2lion70

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I think they’ll keep going down until around mid November
Many 'experts' think the decline will continue into next year. Concerns of recession and new Covid strains impacting China and other countries with little or no vaccines.
 

rumble_lion

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From my earlier post:
There has been a drop in demand and increases in supply. Both reasons for lower price. Oil futures are even lower and have been falling for 4 weeks, gas prices have some catching up to do. Even OPEC seems to be in the mood to increase production.
How did Biden accomplish all that in just 4 weeks?
 

junior1

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How did Biden accomplish all that in just 4 weeks?
Interestingly, but likely not surprisingly, I don't see it exactly the same way. I do agree with your thoughts on supply and demand. As I posted earlier, I read that some - at least one - refinery has come back on line and that supply has picked up somewhat. At the same time, demand normally slows down immediately after the 4th of july and $5/gal gas will impact demand. Add in that the economy is slowing and we're coming a little more in balance on the supply and demand side.
Now, having said that, I'm a little surprised you haven't taken on some of the biden administration's claimed reasons for the $5 gas.....Putin's was is still raging: producers are producing more, somewhat negating the claim that producers were holding back because they made higher profits with lesser supply (you can apply the 9000 lease argument here also): or, that gas station owners were keeping their prices high in spite of falling oil prices.
It's unclear if the price pullback is permanent or sort of the proverbial 'dead cat bounce". I've read arguments both ways. We'll see.
How did Biden accomplish that in just 4 weeks? I don't know that he did. But he'd be wise to take a look at why the falling cost/prices and not make the same moves that raised prices again. One thing is for sure......come the next CPI reading, I'd be surprised if the rate including gas and food doesn't fall given the reduction in gas prices....which should also impact food cost to consumer. And with a reduction you'll be sure to have a Biden press statement, and tons of admin economists highlighting the "substantive" inflation reduction (all the while leaving out the fact that inflation was 1.4% when they took office). We're already talking down how the "technical" definition of a recession doesn't apply now. (by the way, just so you know how fair and balanced I am, if there was a republican administration, they'd do the same thing)
 

2lion70

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Interestingly, but likely not surprisingly, I don't see it exactly the same way. I do agree with your thoughts on supply and demand. As I posted earlier, I read that some - at least one - refinery has come back on line and that supply has picked up somewhat. At the same time, demand normally slows down immediately after the 4th of july and $5/gal gas will impact demand. Add in that the economy is slowing and we're coming a little more in balance on the supply and demand side.
Now, having said that, I'm a little surprised you haven't taken on some of the biden administration's claimed reasons for the $5 gas.....Putin's was is still raging: producers are producing more, somewhat negating the claim that producers were holding back because they made higher profits with lesser supply (you can apply the 9000 lease argument here also): or, that gas station owners were keeping their prices high in spite of falling oil prices.
It's unclear if the price pullback is permanent or sort of the proverbial 'dead cat bounce". I've read arguments both ways. We'll see.
How did Biden accomplish that in just 4 weeks? I don't know that he did. But he'd be wise to take a look at why the falling cost/prices and not make the same moves that raised prices again. One thing is for sure......come the next CPI reading, I'd be surprised if the rate including gas and food doesn't fall given the reduction in gas prices....which should also impact food cost to consumer. And with a reduction you'll be sure to have a Biden press statement, and tons of admin economists highlighting the "substantive" inflation reduction (all the while leaving out the fact that inflation was 1.4% when they took office). We're already talking down how the "technical" definition of a recession doesn't apply now. (by the way, just so you know how fair and balanced I am, if there was a republican administration, they'd do the same thing)
Recession = 2 consecutive 1/4s of negative GDP. Just for the sake of clarity. That has not happened yet.
 

junior1

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Recession = 2 consecutive 1/4s of negative GDP. Just for the sake of clarity. That has not happened yet.
Yea, I know….there was a “leaked” number last week that had second qtr at -1.6%. Now, I don’t put great stock in leaked data, But, since that report, folks from the NEC and, today, Yellen were pushing the “2qtr thing is just a technical term” and not really reflective of the true economy.
I guess we’ll see…..doesn’t fell like a recession, though
 

The Spin Meister

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Yea, I know….there was a “leaked” number last week that had second qtr at -1.6%. Now, I don’t put great stock in leaked data, But, since that report, folks from the NEC and, today, Yellen were pushing the “2qtr thing is just a technical term” and not really reflective of the true economy.
I guess we’ll see…..doesn’t fell like a recession, though
Yeah yer gonna see a lot of that “not really a recession” bs as the media tries to recuse Magoo and his puppet masters. Pretty shameless how bad they are.
 
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