Gas prices: New lows at the pumps to start the work week By Washington Examiner Staff

[mystery-ak]

Gas prices: New lows at the pumps to start the work week
By
Washington Examiner Staff
September 16, 2024 5:50 am
.

Gas prices continued to fall on Monday, with the average cost for a gallon of regular gas dropping to $3.208, according to AAA.

Decreases at the pumps have been happening for months, dropping from the year’s highest price in April, when the national average was $3.611 per gallon, to the monthly average in August, which was $3.389 per gallon. Monday’s pricing is the lowest national average for a gallon of regular gas since January, when it was $3.075 per gallon.

The decrease in gas prices throughout the country has resulted in 17 states having an average price under $3 per gallon for regular gas: Delaware, North Carolina, South Carolina, Iowa, Georgia, Ohio, Kentucky, Tennessee, Alabama, Mississippi, Louisiana, Arkansas, Missouri, Kansas, Oklahoma, Texas, and Wisconsin.

more
https://www.washingtonexaminer.com/news/3155136/gas-prices-new-lows-at-the-pumps-to-start-the-work-week/

[mountaineer]

New lows? Not compared to 2020. Still higher.

[WhatWouldReaganDo]

New lows? Not compared to 2020. Still higher.

When you shut down the country over a virus, lower demand leads to lower prices.

[mountaineer]

When you shut down the country over a virus, lower demand leads to lower prices.

Okay, compared to 2019. Compared to pre-Jan. 20, 2021, too.

[Timber Rattler]

Funny how gas prices have suddenly dropped with the election right around the corner...

[banddag]

Funny how gas prices have suddenly dropped with the election right around the corner...

I was told by my local gas station the big drop was due to going from summer to winter blend.  All the US refineries had to be converted to winter blend as of yesterday.

Not everything is a conspiracy.

[Timber Rattler]

I was told by my local gas station the big drop was due to going from summer to winter blend.  All the US refineries had to be converted to winter blend as of yesterday.

Not everything is a conspiracy.

I agree.  But I do think that Biden has quietly turned on the tap again to help Harris, grudgingly.  And I know about the different blends.

[banddag]

Okay, compared to 2019. Compared to pre-Jan. 20, 2021, too.

Trump opened the oil spicket up too much and the oil price lowered too much. Oil CO's lost a trillion dollars of cash reserves then because the product was selling less than it could be made for

Trump said during a rally earlier this year the oil cos hated him while he was in office .

There is a fine line between to much and too little production. It was great for the consumer but bad for the oil cos.
It will not happen again

[banddag]

I agree.  But I do think that Biden has quietly turned on the tap again to help Harris, grudgingly.  And I know about the different blends.

Economy is softening so prices usually come down some also.

[catfish1957]

$70.29/bbl this morning. 

The WTI, Brent numbers have 95% correlation with what you pay at the pump. Prices are all set to market conditons, supply, demand, geo-political , etc.

Since the world is sitting on a powder keg right now, just one iginition will drive it up to $100-$125/bbl in no time.  So don't get too used to it.

[the OlLine Rebel]

Sometimes I’m conspiratorial.

Noticed the below-$3 gas around this whole area the last few weeks since starting school.

Haven’t seen that in a long time.  Wondering if someone wants to tweak it so Kamala doesn’t look so bad.  Esp. In this liberalland, make the local minions chirp that their commie heroes have made the economy better!

Never mind the last 4 years.

I know we’re off summer which ramps up prices, but this is a big drop-off I haven’t seen in those years since it went so far up years ago.

[the OlLine Rebel]

I was told by my local gas station the big drop was due to going from summer to winter blend.  All the US refineries had to be converted to winter blend as of yesterday.

Not everything is a conspiracy.

We know about the blends, and the usage theory (more people travel long distances in summer - only, not spring etc).

In my place it’s amazing how much it dropped THIS year, but not the last several.

[catfish1957]

We know about the blends, and the usage theory (more people travel long distances in summer - only, not spring etc).

In my place it’s amazing how much it dropped THIS year, but not the last several.

One head scratcher for me, is that if Ukraine has damaged refining capacity in Russia, why hasn't the market adjusted incrementally up, but for some strange reasons the crude/gasoline margins really haven't changed much,    Apparently these attacks weren't as damaging as initially reported.

Only theory I've got is that the duped EV owners with Hybrid owners help has somewhat lowered demand.  5% is a lot more than people realize in this industry.

[catfish1957]

As a side note, Gold is now at $2600/oz.  Let that sink in, when mulling oil prices, the economy in general,  and the stability of the $USD.

[Hoodat]

Economy is softening so prices usually come down some also.

This may be the first true statement you have posted on these boards. You are correct.  Prices are falling along with the economy.

[Smokin Joe]

I was told by my local gas station the big drop was due to going from summer to winter blend.  All the US refineries had to be converted to winter blend as of yesterday.

Not everything is a conspiracy.

Yeah, but after over 40 years in the oil industry, we even planned for the drilling slowdown that almost always hits on presidential election years. Just like clockwork...because crude prices drop.