Gas Prices

ProV1 said:
Then what’s your point about summer driving season?
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It's a normal cycle. But the fact still remains (despite the drop) that prices are still higher than they have been historically. So nothing externally has been done to create the drop.
 
Hammerdrill said:
It's a normal cycle. But the fact still remains (despite the drop) that prices are still higher than they have been historically. So nothing externally has been done to create the drop.
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Just like nothing externally was done to create the rise. Duh.
 
Hammerdrill said:
That's not true at all. But plenty more could be done to bring on more supply. But we have been through all of this before.
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Supply is much higher today than it was when we had $2.00 gas. In fact, by the end of the year, production in the US will be at an all time high. That said, if prices continue to decline at the current rate, US producers will make sure that will not last long. The Saudis have already cut production.
 
ProV1 said:
Supply is much higher today than it was when we had $2.00 gas. In fact, by the end of the year, production in the US will be at an all time high. That said, if prices continue to decline at the current rate, US producers will make sure that will not last long. The Saudis have already cut production.
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Too bad prices on every single thing we buy haven't dropped.
 
Irwin20 said:
Try to keep up: From CNN but there are articles everywhere regarding this:

CNN —
Treasury Secretary Janet Yellen said Sunday that there is a “risk” that US gas prices could rise again later this year, as fears grow over the possibility that Americans’ wallets could be strained by a spike in prices similar to the one seen this summer.

“Well, it’s a risk. And it’s a risk that we’re working on the price cap to try to address,” Yellen told CNN’s Dana Bash on “State of the Union” when asked if Americans should be worried about gas prices rising again later this year.

“This winter, the European Union will cease, for the most part, buying Russian oil. And, in addition, they will ban the provision of services that enable Russia to ship oil by tanker. And it is possible that that could cause a spike in oil prices,” she added.

Yellen continued: “Our price cap proposal is designed to both lower Russian revenues that they use to support their economy and fight this illegal war, while also maintaining Russian oil supplies that will help to hold down global oil prices. So I believe this is something that can be essential, and it’s something that we’re trying to put in place to avoid a future spike in oil prices.
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This idiotic price cap is going to blow back in there faces when Putin cuts production in retaliation. Let’s see how long Americans tolerate $7 a gallon gas.
 
OldSoulon said:
Too bad prices on every single thing we buy haven't dropped.
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Things I've noted dropping in price recently, eggs, PVC schedule 40 pipe, lumber, homes.

I'm sure there are more. No way the economy could sustain such rampant price increases with a 8% inflation rate.

I still believe the worst part of the correction is yet to come. Following price decreases as demand slips will be economic failure due to overspending both by households and government.
 
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Not to be lost in this article is the comical characterization of the "historic streak of falling US gas prices". Yet, nary a word about the historic increase in those gas prices........ go figure.

We all know that the word "historic" will be thrown around this week. "Human" has lost it's lustre.
 
Gas prices adjusted for inflation:

1918 $4.79
1931 $3.23
1938 $4.10
1947 $2.98
1972 $2.49
1981 $4.29
1998 $1.80
2008 $4.32
2012 $4.47
6/22 $4.71

9/21/22 $3.68 (from AAA)

longterm national average $3.20

inflationdata.com

Inflation Adjusted Gasoline Prices

Let's look at the inflation-adjusted gasoline prices in February 2022 Dollars to see where prices actually stand.
inflationdata.com inflationdata.com
 
Oil 82.85 (Today)
All stations I drove by today are set at 3.49 which is up 30 cents in the last two days.

My last post on this was on 9-11
Oil was 86.10
The lowest gas was 3.39

Seems like the myth the price of oil dictates the price at the pump is a lie
 
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