Regular in my burg was $4.50ish 2 weeks ago. Now you can purchase it for $3.96.
Not sure why this is occurring but I have been taking advantage of the drop in price.
Not sure why this is occurring
As discussed here in late June: normal seasonal movement: run up to Memorial Day, hold highs until 4th of July, then prices fall off through the end of July. Watch for another run-up to Labor Day. The industry always has an excuse. Never admit that the “invisible hand” puts a thumb on the scale approaching holidays.
Steve
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supply is up even if that means it is supply through the back door
the dollar is appreciating bringing down commodity prices
Russian oil supply has stabilized
Russia is cutting its cost of oil to India and China by 20%
Iran has been forced to follow suit and cut prices
the G7 cartel is going to cut Russia’s price to India and China again
the diplomacy going on right now is softening OPEC’s stance as ME nations want US military support and Iran strengthens
Venezuela is pumping marginally more than it has in years. Italy and Spain are taking that oil for the EU
China is consuming less, their GDP growth is way down
the global economy has slowed
alternative energy marginally matters more and more
the G7 cartel is going to cut Russia’s price to India and China again
When did the G7 ever cut the price of Russian Oil?
Leaders of 12 democracies huddled in an Alpine resort in Bavaria last month…
>>>couldn’t mask the deep divide among them
>>>G-7 leader’s closing communique focused on Russia’s war in Ukraine and efforts to cut the Kremlin’s earnings from energy exports, the 12-nation statement didn’t mention Ukraine, the war, or oil even once.
June 28, 2022
https://foreignpolicy.com/2022/07/13/india-russia-oil-import…
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Not sure why this is occurring but I have been taking advantage of the drop in price.
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Falling gasoline prices come as fears of recession and another large interest rate hike pull crude oil prices down.
Demand for gasoline in the United States has fallen due to soaring prices.
Jaak
The G7 was never a cartel before, never taking aim in this way at Russia before.
The meeting last month was not over becoming a cartel. That effort is separate.
As discussed here in late June: normal seasonal movement: run up to Memorial Day, hold highs until 4th of July, then prices fall off through the end of July. Watch for another run-up to Labor Day. The industry always has an excuse. Never admit that the “invisible hand” puts a thumb on the scale approaching holidays.
Pipelines, refineries, delivery trucks, etc are all sized to the normal volumes. For example, to load up all the stations with full tanks prior and just after periods of higher than average demand, maybe the have to pay overtime to the truck delivery guys.
Are you suggesting that we deny them the overtime pay?
Mike
Are you suggesting that we deny them the overtime pay?
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Are you sure it is overtime?
Jaak
Are you sure it is overtime?
Most delivery truck drivers (that aren’t independent) are probably Teamsters…but I don’t know.
Hard to imagine their contracts don’t include overtime, especially on holidays.
I’d ask one the next time I’m filling up while a truck is there…but I drive an EV, so it could be years before I see one.
But, hey…you still drive gassers so maybe you can ask.
Mike
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