Gas prices are... um well, wait a minute

[KFC911]

Saw the station closest station to me was 2.99 yesterday .... my goto (sister station) was at 2.94, and there is usually a .20-25 delta between them. Lots below $3 now, and oil remains around 80. This past years' prices and disconnect from oil, and obvious gouging his been interesting. I still haven't purchased gas at less than 3 tho' .... probably won't until next year....

But I will !

[Bob Kontak]

Originally Posted by stevej37

He could use this one....I hear it's very common in Ohio.

I think Nick would want you to have this nice song after seeing your idea for a symbol.

[wdfifteen]

Originally Posted by wdfifteen

$3.09 here. I topped the truck up when it was $3.39 thinking it was about to go up any day. I probably won't need to put gas in the truck until February now. It'll be $2.49 by then if this keeps up. Gasoline is a bad investment these days.

I spoke too soon. It's $2.69 here this morning. It'll hit $2.49 before Christmas at this rate.

[stevej37]

[QUOTE=Bob Kontak;11862344]I think Nick would want you to have this nice song after seeing your idea for a symbol.


Ya gotta get your punches in when ya can!
(that's my mantra)

Lol...I kinda like the song.

[fintstone]

Originally Posted by wdfifteen

I spoke too soon. It's $2.69 here this morning. It'll hit $2.49 before Christmas at this rate.

That is great news! I wonder if that is due to lower demand (as inflation is so high that no one can afford to go anywhere)?

[cockerpunk]

Originally Posted by fintstone

That is great news! I wonder if that is due to lower demand (as inflation is so high that no one can afford to go anywhere)?

only in finstone's world is expensive gas a problem for the economy, and cheap gas, is also somehow, also a problem for the economy.

its almost like it was never actually about gas prices. hummm...


still about $3.20 here




consumer spending has beat expectations the last two months: https://www.reuters.com/markets/us/us-consumer-spending-beat-expectations-september-inflation-still-rising-2022-10-28/

im sure that somehow this will be bad economic news too.

[fintstone]

Originally Posted by cockerpunk

only in finstone's world is expensive gas a problem for the economy, and cheap gas, is also somehow, also a problem for the economy.

its almost like it was never actually about gas prices. hummm...


still about $3.20 here




consumer spending has beat expectations the last two months: https://www.reuters.com/markets/us/us-consumer-spending-beat-expectations-september-inflation-still-rising-2022-10-28/

im sure that somehow this will be bad economic news too.

Only in Cocker's world would one misrepresent the post immediately above his and expect no one to notice.

It is almost like reading simple sentences at the adult level is difficult.

BTW, high consumer spending being up largely confirms my statement that inflation is still rising and has increased costs/spending (perhaps why driving is down). Thanks for the assist.

[KFC911]

Fint's fantasy world ... driving is down

Noticed that my goto station is 2.93 today, and all the stations near my house that used to be .20 higher are mostly 2.99. Oil creeps up a bit and gas creeps down, the roads are packed and nobody hit the road last weekend .

There seems to be a disconnect ...

[fintstone]

Originally Posted by KC911

Fint's fantasy world ... driving is down

Noticed that my goto station is 2.93 today, and all the stations near my house that used to be .20 higher are mostly 2.99. Oil creeps up a bit and gas creeps down, the roads are packed and nobody hit the road last weekend .

There seems to be a disconnect ...

Can you prove that my thesis (that consumption is down) is fantasy (incorrect)? I am pretty sure that is the case.

Oil does creep up and down. OPEC will further lower production to fix the temporary lows.

[KFC911]

You said driving is down .... and the pump price has never been about driving ... it has "typically" been about oil/bbl .... regardless of driving habits.

The roads are freakin' packed here .... typical Fri. afternoon, and my goto station has someone continuously punping at every island .... ya normally have to wait.

That's what I observe ..... people are out driving, parking lots are packed, and evidently they're not quite broke .... yet .

[fintstone]

According to this article, I am correct...but I really don't know as I did not do any detailed research (your local station may be a better indicator):



https://wolfstreet.com/2022/09/14/gasoline-demand-destruction-accelerates-despite-plunge-in-gasoline-prices-consumption-drops-to-august-1997-level/

[stevej37]

Another eight cents down today to $3.27/reg.
My favorite song.....

[Bob Kontak]

Originally Posted by stevej37

Another eight cents down today to $3.27/reg.
My favorite song.....

The Stevie song has very few equals.

Perhaps Smack My Beeotch Up by Prodigy and Yesterday by the Beatles.

Gas finally broke $2.99 in Akron.

[stevej37]

^^^ Hopefully I can get it on 8-track.

[hbueno]

Originally Posted by fintstone

According to this article, I am correct...but I really don't know as I did not do any detailed research (your local station may be a better indicator):



https://wolfstreet.com/2022/09/14/gasoline-demand-destruction-accelerates-despite-plunge-in-gasoline-prices-consumption-drops-to-august-1997-level/

A quick Google search confirms. Demand is down globally, China's Covid situation is expected to further reduce their demand for oil, US refineries that were undergoing maintenance are now back online, fears of global recession are also reducing demand.

[fintstone]

Reg was still $3.17, Mid $3.36 premium 93 $3.37 here when I filled up today.

[lindbhr]

The impact of more people working from home has impaired demand by 4%-5% versus preCovid demand.

[KFC911]

Originally Posted by fintstone

According to this article, I am correct...but I really don't know as I did not do any detailed research (your local station may be a better indicator):



https://wolfstreet.com/2022/09/14/gasoline-demand-destruction-accelerates-despite-plunge-in-gasoline-prices-consumption-drops-to-august-1997-level/

You stated that driving was down ... not consumption, and neither seems to have affected the price of oil which has historically dictated gas prices. You've also stated that the release from the strategic reserves was driving gas prices down. That ended several days ago, oil remains around 80/bbl, yet gas at the pump continues to fall? Mebbe the gouging and elections being over have something to do with it, but there seems to be a disconnect between oil and gas prices at play here imo.

And also in Fintworld ...

[fintstone]

Originally Posted by KC911

You stated that driving was down ... not consumption, and neither seems to have affected the price of oil which has historically dictated gas prices. You've also stated that the release from the strategic reserves was driving gas prices down. That ended several days ago, oil remains around 80/bbl, yet gas at the pump continues to fall? Mebbe the gouging and elections being over have something to do with it, but there seems to be a disconnect between oil and gas prices at play here imo.

And also in Fintworld ...

So…you don’t think gasoline consumption being way down indicates that driving is down? Seriously?

Do you think that releasing strategic reserves (more supply) did not lower prices any? That is hilarious.

[wdfifteen]

Originally Posted by fintstone

That is great news! I wonder if that is due to lower demand (as inflation is so high that no one can afford to go anywhere)?

Yes it is! A look at consumer spending would put your uncertainty to rest. Consumer spending is still up! Consumers aren't slowing their spending down because of inflation, they are going shopping and enjoying lower prices for the fuel to get them to the stores.