U.S. gas prices have fallen for seven straight weeks and are approaching an average price of $4 a gallon, easing the pain of record-high fuel costs amid shrinking global demand for oil.
The average cost of a gallon of regular unleaded gasoline sank to $4.16 Wednesday, the 50th straight day that prices have declined, according to OPIS, an energy-data and analytics provider. That is a 17% decline from the previous high of $5.02 a gallon set back on June 14, according to OPIS. https://www.wsj.com/articles/gas-prices-u-s-decline-oil-dema…
That is an opportunity coming out the other side of this probably down turn for the US and EU to being expansive economically using the oil instead of China.
The Mobil station near casa del Steve has gone from $5.29/gallon just before the July 4th holiday, to $3.99 today.
Am I “shocked!!”?, “alarmed!!!”?, or even mildly surprised? Nope. Entirely predictable. I would not be surprised if a excuse appears within a week or so to justify ramping up the price of gas for Labor Day, but that ramp job has historically not been as reliable, or as large, as the January to Memorial Day ramp job.
U.S. gas prices have fallen for seven straight weeks and are approaching an average price of $4 a gallon,
Funny how they look at the price, only, from week to week and do not compare to year over year numbers or this year’s weekly delta to last year’s weekly delta.
I guess it doesn’t fit the narrative.
Eyeballing the chart for Detroit on Gas Buddy, current average is about $4.00/gallon, about the same as mid April, vs $3.29 in August of last year. Prior to the invasion of Ukraine, the price in metro Detroit in Feb 2022 was about $3.35.
WT crude was has declined from $122 on June 9th to $89 on August 4th. That is a drop of 39%. Seems like the oil companies are still screwing consumers as gasoline has only dropped 17%.
“WT crude was has declined from $122 on June 9th to $89 on August 4th. That is a drop of 39%. Seems like the oil companies are still screwing consumers as gasoline has only dropped 17%.”
Not necessarily. If the cost of raw materials goes down but cost of production goes up, finished goods price will not necessarily move with the raw material price. Basic economic theory.
Not saying prices shouldn’t be somewhere in the middle, or even that cost of production went up, but demonizing the oil companies based on one variable is not really valid.
The oil companies have lied and cheated the public for decades. I do not understand your defense of oil companies. You must be heavily invested in oil and you don’t even back your position with any data on production costs.