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07-07-2022, 03:34 PM
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Senior Member
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Join Date: Mar 2017
Posts: 13,367
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After the Biden and Bezos war of words, gas prices really are coming back down to earth
https://finance.yahoo.com/news/biden...151129176.html
Quote:
After hovering near the $5 mark for a while, the average price of gas could fall to $4 per gallon by mid-August, analysts predict.
Gas prices have been retreating from their highs last month for a couple of weeks now. AAA reports the average price per gallon currently stands at $4.75 nationwide, a 16-cent drop from a month ago. Wednesday’s drop of 2.8 cents per gallon was the second largest single-day drop in the last decade.
The price drop (and expected continued fall) instead is a result of lower demand at the pump, as AAA found more Americans curtailing unnecessary trips due to the price of gas—and a dip in gas futures, which are down more than 10% this week, even with a spike on Thursday.
Patrick De Haan, an analyst with GasBuddy, said Wednesday he expects most stations will see drops of one to two cents per gallon every couple of days for the next two to three weeks, possibly longer. If “things do hold steady,” he says, “the national average could drop to $4-$4.25/gal by mid-August.”
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Sorry, Faux "News" (and MAGAMorons)! You won't have this issue to whine about just before the elections.
__________________
"In a time of deceit telling the truth is a revolutionary act." -
George Orwell
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07-07-2022, 03:49 PM
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Senior Member
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Join Date: Aug 2010
Location: Metro Detroit
Posts: 13,016
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Quote:
Originally Posted by Chicks
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Patrick De Haan, an analyst with GasBuddy, said Wednesday he expects most stations will see drops of one to two cents per gallon every couple of days for the next two to three weeks, possibly longer. If “things do hold steady,” he says, “the national average could drop to $4-$4.25/gal by mid-August.”
I'm sure that $4.25/gallon gas will make everyone so very happy...until they remember it was under $2.00/gallon not long ago.
Seriously, any drop in gas prices between now and August will be demand-driven, not supply-driven. If the supply issues aren't addressed, we'll be right back here again next summer.
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08-02-2022, 04:50 PM
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Admin
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Join Date: Dec 2011
Location: Behind the Orange Curtain in California
Posts: 37,237
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Quote:
Originally Posted by whell
Patrick De Haan, an analyst with GasBuddy, said Wednesday he expects most stations will see drops of one to two cents per gallon every couple of days for the next two to three weeks, possibly longer. If “things do hold steady,” he says, “the national average could drop to $4-$4.25/gal by mid-August.”
I'm sure that $4.25/gallon gas will make everyone so very happy...until they remember it was under $2.00/gallon not long ago.
Seriously, any drop in gas prices between now and August will be demand-driven, not supply-driven. If the supply issues aren't addressed, we'll be right back here again next summer.
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Another example of this poster's penchant for blatant dishonesty, see bolded. Gas went sub $2.00 during the worst of the Covid pandemic. Everything was shuttered and people were staying home. Demand was in the gutter.
You are simply dishonest, Mike. smh
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I don't know half of you half as well as I should like, and I like less than half of you half as well as you deserve.
- Mr. Underhill
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08-02-2022, 05:01 PM
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Reformed Know-Nothing
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Join Date: Oct 2009
Location: MoCo, MD
Posts: 25,919
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Quote:
Originally Posted by bobabode
Another example of this poster's penchant for blatant dishonesty, see bolded. Gas went sub $2.00 during the worst of the Covid pandemic. Everything was shuttered and people were staying home. Demand was in the gutter.
You are simply dishonest, Mike. smh
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Moreover, he fails to attribute increases in gas prices to Trump demanding Saudi Arabia reduce production back in 2020.
Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.
The threat to upend a 75-year strategic alliance, which has not been previously reported, was central to the U.S. pressure campaign that led to a landmark global deal to slash oil supply as demand collapsed in the coronavirus pandemic.
__________________
As long as the roots are not severed, all will be well in the garden.
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09-22-2022, 08:37 AM
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Senior Member
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Join Date: Aug 2010
Location: Metro Detroit
Posts: 13,016
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Quote:
Originally Posted by finnbow
Moreover, he fails to attribute increases in gas prices to Trump demanding Saudi Arabia reduce production back in 2020.
Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.
The threat to upend a 75-year strategic alliance, which has not been previously reported, was central to the U.S. pressure campaign that led to a landmark global deal to slash oil supply as demand collapsed in the coronavirus pandemic.
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I just saw this post. Gawd you're clueless.
That agreement was against the backdrop of the Saudi's starting an oil price war with Russia, and the US domestic oil industry was in the crossfire. In short, it was an effort to support US domestic oil production, not throttle it. It also got the Saudi's and Russians back to the negotiating table to end the price war.
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09-22-2022, 09:31 AM
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Reformed Know-Nothing
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Join Date: Oct 2009
Location: MoCo, MD
Posts: 25,919
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Quote:
Originally Posted by whell
I just saw this post. Gawd you're clueless.
That agreement was against the backdrop of the Saudi's starting an oil price war with Russia, and the US domestic oil industry was in the crossfire. In short, it was an effort to support US domestic oil production, not throttle it. It also got the Saudi's and Russians back to the negotiating table to end the price war.
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So, Trump's intervention in the energy market is a good thing even if the results are bad (increasing oil prices) while Biden's (e.g., opening up the Strategic Petroleum Reserve) are a bad thing even if the results are good (decreasing oil prices).
__________________
As long as the roots are not severed, all will be well in the garden.
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09-22-2022, 10:48 AM
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Senior Member
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Join Date: Aug 2010
Location: Metro Detroit
Posts: 13,016
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Quote:
Originally Posted by finnbow
So, Trump's intervention in the energy market is a good thing even if the results are bad (increasing oil prices) while Biden's (e.g., opening up the Strategic Petroleum Reserve) are a bad thing even if the results are good (decreasing oil prices).
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If that's what you think, I can't help you.
Of course, it depends on the intervention, the goal, and if the intervention achieves to goal.
Biden's goal in releasing oil from the reserves was to have a near-term impact on gasoline prices. It had little to no impact on futures prices. Futures prices did take a dip in August, driven by reduced demand as China had another COVID lockdown. The fact that folks are driving less has helped bring down gas prices.
Back in April 2020 when Trump was involved in negotiations with Riyadh, there were days when the spot price of domestic crude was negative: producers were paying to have the product stored as they ran out of holding capacity, and crude was selling slower than it was being produced. That trend was threatening the domestic oil industry. A production pullback stabilized both domestic and global crude prices. So, yeah, that one worked.
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