Gas Prices Have Fallen for 50 Straight Days, Approach $4 a Gallon

[mahatmakanejeeves]

Source: The Wall Street Journal.

MARKETS * COMMODITIES * GAS MARKETS

Gas Prices Have Fallen for 50 Straight Days, Approach $4 a Gallon

The cost of fuel in the U.S. is easing after hitting record highs in June

By Joseph De Avila and Lauryn Azu
https://twitter.com/jdeavila
[e-mail]
https://twitter.com/lauryn_azu
[e-mail]
Updated Aug. 3, 2022 9:50 am ET

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.

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Read more: https://www.wsj.com/articles/gas-prices-u-s-decline-oil-demand-11659474346?mod=e2tw

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Don't expect to hear about this from the mainstream media.

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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

wsj.com
Gas Prices Have Fallen for 50 Straight Days, Approach $4 a Gallon
The average price of a gallon of regular unleaded gasoline sank to $4.16 Wednesday, a 17% decline from the previous high of $5.02 set back on June 14,

Link to tweet

[Ocelot II]

1. The media don't have to report it; this is something people see themselves, every day.

[SergeStorms]

4. Not where I live.

It's at $4.70 right now and it just dropped to that price 2 weeks ago. There's no incremental price drops here. It stays high and will drop suddenly after weeks and weeks of price gouging.

Oil companies use the "zone pricing" excuse. Apparently our "zone" deserves to pay 50 cents more per gallon that the next, neighboring "zone" less than 10 miles away. I imagine that 50 cents per gallon covers the cost of trucking the gas those 10 extra miles.

50 cents per gallon multiplied by 3,000 gallons equals $1,500.00 to haul that gas 10 more miles. Sure, the Math works out there, right?

On edit: "Here" is western New York state.
If you think oil companies are finished gouging consumers, think again.

[JohnSJ]

2. Here in Northern California they have dropped about a dollar from its high

[liberal N proud]

3. I paid $4.04 for Premium on Monday

South Carolina

[progree]

5. Will this help the CPI report (coming a week from today, Wedn Aug 10?)

https://www.bls.gov/cpi/
Hopefully it helps the CPI report a lot, given that the last CPI report was that there was a 9.1% year-over-year increase in the CPI, and that 40% of that increase came from rising energy costs.

https://www.bls.gov/news.release/cpi.nr0.htm
In June, energy costs rose 7.5% (June over May) and 41.6% over the year.

To be sure, the July report (due Aug 10) will still show a big 12 month energy rise, but should be way down from 41.6%. And the month over month energy increase will be a minus number, or I will be utterly shocked.

A lot of recession indicators that the NBER look at are for inflation-adjusted amounts like real personal income and real personal consumption expenditures, so any substantial improvement in inflation substantially improves these indicators as well.
https://www.nber.org/research/business-cycle-dating


Media coverage on falling gasoline prices:
https://www.google.com/search?q=falling+gasoline+prices+news&sxsrf=ALiCzsY7sQR3_TaTeoxOvWKeBFyJv59zhw:1659542343279&source=lnms&tbm=nws&sa=X&ved=2ahUKEwj-lPH-hKv5AhUOjIkEHZliAsAQ_AUoAXoECAEQAw&biw=1362&bih=641&dpr=1

[mahatmakanejeeves]

8. What's the time period for the survey? The entire calendar month, or ...

do they cut off the price survey on some set day in the middle of the month?

Like last month, no ADP report this month. They'll start up with a new report beginning in September.

And good afternoon.

[progree]

17. I read that data is collected the entire calendar month. So might not be as good as I am hoping /nt

[Meadowoak]

6. I paid $3.44 yesterday here in central KY.

[GB_RN]

7. Right At $4

Here in the RDU area of NC.

[krispos42]

9. I'm waiting for the "low gas prices are bad for Biden" stories from Faux News n/t

[IronLionZion]

13. They did for Obama

the conservative media outlets claimed Obama was killing oil jobs

[progree]

18. Oh, they were spouting about lower gasoline prices hurting gas station owners /nt

[GreatShakes66]

10. In the $3.40 ranger here in Columbus, Ohio

as of last night .

[onetexan]

11. $3.33 @Costco here in DFW

thank you dear POTUS Biden!!

[IronLionZion]

12. Are they going to remove Biden "I did that" stickers from the pumps?

because it might help Dems this election year.

[JustABozoOnThisBus]

25. Yes, right after they remove the "Trump 2020" bumper stickers from the truck.

In six years, they'll cover them with Harris "I did that" stickers.

[KPN]

14. I paid $5.09 day this morning here in Oregon -- cheapest location in town as far as I could tell.

$4/ gallon is wishful thinking for me.

I wonder what the average is for Blue States vs Red States out of curiosity. Wonder if it's like the contrary federal spending per federal tax revenue by red vs blue States?

[William Seger]

15. Amazing how wide the range is right now

... and yes, you're getting SCREWED! As long as no distributors in your area blink, they can keep prices high, but soon someone will break ranks and cut prices to increase sales, and everyone else will be obliged to follow.

[The Mouth]

19. California taxes are .54 a gallon

[maxsolomon]

20. OR has high Gas Taxes and few refineries.

The West Coast always gets screwed. Try being IN the City of Seattle - 20 cents/gallon tax burden.

[The Mouth]

16. $5.35 AT Costco day before yesterday

This still sucks.

[2naSalit]

21. Unless you live in or near...

Some tourist attraction like a national park.

[leftyladyfrommo]

22. KCmo. $3.69 this morning. nt

[Mz Pip]

23. $4.99 low here in Nor California

Lowest its been.

[Baggies]

24. Is it $2 yet?

I’ll even take $2.25. That’s what we’re up against.