US gas prices have now dropped for 21 days in a row - the longest streak since the start of COVID

RayGravesGhost

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Somebody let ron know the world isn't coming to an end


https://finance.yahoo.com/news/us-gas-prices-now-dropped-153929293.html
US gas prices have now dropped for 21 days in a row - the longest streak since the start of COVID

  • US gas prices have fallen for 21 days in a row, even amid war in Ukraine and summer driving season.
  • The current US average for a gallon of gas is $4.800, down from $4.881 a week ago, but well above year-ago prices of $3.134.
  • Consumption for the fuel has hit its lowest point for this time of year since 2014, excluding 2020.
US gas prices have skyrocketed in 2022, but markets have eased over the last few weeks even amid the summer driving season and the ongoing war in Ukraine.

In mid-June, all 50 states were paying above $4.40 a gallon, with some California towns paying above $6.40 and one city even saw prices hover near $10 a gallon.

But prices at the pump have decreased for 21 consecutive days, according to AAA data — that's good for their longest losing streak since April 2020, in the early part of the COVID-19 pandemic.

The current average for gas prices in the US is $4.800 per gallon, down from $4.881 a week ago, but still elevated compared to the year-ago average of $3.134.

Demand has been falling as well. Consumption for the fuel hit its lowest point for this time of year since 2014, excluding 2020, EIA data shows, suggesting that the tight US gas market has at least temporarily cooled off.

Plus, according to Bloomberg, money managers are holding the fewest bullish bets compared to bearish ones on the futures market since November.

Stockpiles of the key commodity have increased by over 4 million barrels during the last two weeks, according to Bloomberg, even though those figures typically move in the opposite direction during this time of year.

The recent market trends bode well for President Joe Biden as he faces limited policy options on lowering fuel costs. His recent proposal to suspend the federal gas tax was quickly dismissed.

Despite the current losing streak, analysts have predicted a brutal energy market ahead thanks to elevated oil prices, low stockpiles for crude, and refineries running near full capacity. JPMorgan analysts forecasted that gas could surge above $6 a gallon on average in the US.
 

RayGravesGhost

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Awww...bama wants gas prices to stay high

Real "patriot" LOL

https://finance.yahoo.com/news/oil-dropped-13-past-30-183807256.html
Oil has dropped 13% in the past 30 days. Where it goes next is key for the path of inflation
Will Daniel
Thu, July 7, 2022 at 2:38 PM

If inflation is in a wrestling match with the American consumer, the price of oil has been the backbreaker.

Snarled supply chains and the war in Ukraine led oil prices to record highs of $130 per barrel back in March. And in the months since, the surging cost of energy in America has been a key driver of sky-high consumer prices.

Oil’s rise caused a 49% year-over-year jump in gasoline costs in May, which helped to push inflation to a fresh four-decade high.

But there are signs the momentum is changing.

Oil prices have plummeted 13% over the past month, and the critical commodity is now down more than 20% from its 2022 peak. Gas prices, as measured by AAA, have dropped in response, falling from their June 16 record high of $5.01 per gallon to just $4.75 on Thursday.


Deutsche Bank strategist Jim Reid said in a Thursday research note that the dip was mainly a result of the increasing “prospect of a global slowdown or recession.”

That’s a worrying sign for consumers who fear an economic downturn, but oil is also a key factor in determining where inflation goes from here—and that remains the number one issue in the minds of most Americans, according to recent polling.

The only problem is energy industry analysts and investment banks are split when it comes to the path ahead for oil.

Some argue a recession will reduce consumers’ demand for oil, pushing prices lower. But others believe lagging investment in fossil fuel production could cause oil to stay higher for longer. The debate is raging on Wall Street, but what happens to the price of oil is undeniably critical for the future path of inflation in the U.S.

The U.S. remains oil-dependent​

Before jumping into analysts’ views on what lies ahead for oil, it’s important to discuss just how dependent the U.S. still is on black gold, and what that means for inflation.

Even as President Biden and other administration officials have pushed plans for renewable energy expansion this year, the reality is that America still runs on oil. In 2021, petroleum products alone accounted for 36% of U.S. energy consumption, according to the U.S. Energy Information Administration.

And although energy prices only represent roughly 7.5% of the consumer price index (CPI), the most common measure of inflation, when the price of oil rises, it has a reverberating effect on everything from grocery store prices to airfares. That means maintaining a close eye on oil prices is critical when determining where inflation could be headed.

Analysts’ varying views​

When it comes to where oil prices go from here, analysts and investment banks have wildly different outlooks.

Some oil watchers say that the current price dip isn’t sustainable, while others are expecting prices to sink further in the second half of the year.

JPMorgan Chase analysts warned this week that oil prices could hit a “stratospheric” $380 per barrel if Russia were to cut its crude output in response to Western sanctions.

And considering the U.S. and its allies have been mulling a price cap on Russian oil—a ceiling on how much they will spend—at around $40 to $60 per barrel, the risks of a Russian response are rising.

“It’s a no-brainer that Russia won’t sell its oil at such a discount, even less so as they have customers that are happy to buy their oil at a discounted price,” Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, told Fortune.

Russia recently leapfrogged Saudi Arabia to become China’s number one oil supplier after Western sanctions forced Putin to look for new buyers, and India has dramatically increased its spending on Russian energy over the past year as well.

“Therefore, the G7 leaders are barking to an empty space. As such, the upside risks [for oil] still exist, and we may see prices rebound,” Ozkardeskaya added.

UBS also raised its forecast for Brent crude oil, the international benchmark, to $104 per barrel from $95 per barrel this week, citing “ongoing supply disruptions” that have further tightened supply, and noting that “demand continues to hold up despite higher prices.”

The investment bank’s analysts, led by Henri Patricot, added that there is a risk that oil prices could rise even further owing to “underinvestment” in production capacity. UBS still believes the U.S. economy can avoid a recession this year, and the analysts noted that, historically, it takes a global recession for oil demand to dramatically decline.

Craig Brothers, senior portfolio manager and co-head of fixed income at Bel Air Investment Advisors, told Fortune that he believes the lack of investment in increased production will keep oil prices elevated moving forward as well.

“U.S. oil companies are investing less in exploration, with drilling activity down 20% from the 15-year average. We expect the supply-demand imbalance in energy to keep prices above long-run averages,” he said.

But not every investment bank and industry analyst is arguing oil prices could soar to new heights. Citigroup said earlier this week that crude oil could collapse to $65 per barrel by the end of 2022 if a recession reduces global demand.

And Alex Kuptsikevich, a senior market analyst at FxPro, told Fortune that there are signs that demand for oil is “running out of steam,” which could lead prices to fall further.

“History is also on the side of the bears,” he said. “The most significant reversals in oil over the last decade and a half have occurred precisely in the middle of the year, with the most notable examples in 2008 and 2014. This is also what we are seeing now.”
 

NavigatorII

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Little dickey doing his best BScuck impression. This is hilarious.

laughing-lol.gif
 

NavigatorII

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Just filled up. Regular was 2.69. Premium, which I need of course, was 2.99

For you rubes that were blaming Biden for high gasoline prices, feel free to jump in and give him credit for lowering them.

PS. With crude down 30%, Prices will drop again next week.

chimp-laughing.gif
 

RayGravesGhost

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I agree...

But higher prices aren't good for gas retailers

Lower gas purchases, lower convenience store sales
 

Gator Fever

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Bidens destruction of the economy will force the price down some but 3.50 plus gas will still take a big toll on his incompetent administration in addition to the recession.
 
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BSC911

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It is so cheap we are selling our oil to China........WTH?


Yahoo is farther left than Pluto, not a good source.
Such a lame response. So gas prices haven’t dropped for several weeks in a row?
 

BSC911

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Bidens destruction of the economy will force the price down some but 3.50 plus gas will still take a big toll on his incompetent administration in addition to the recession.
Heck, it worked for Trump.
 

RayGravesGhost

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Yep the economy is being destroyed as we speak by Biden and his lefty controllers. You guys timed it just right for the midterms.

Where's the destruction in the economy?
You can make as many general claims as you want....doesn't make them true
 

Gator Fever

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Where's the destruction in the economy?
You can make as many general claims as you want....doesn't make them true

Its all around you and getting worse. An official recession will probably be declared late this month of they can't massage the numbers to claim it's .01%. We will have some dead cat bounces but the markets will be going down much more as people tighten their belts and the profit levels of companies start to collapse. And thanks to Joe we also have crazy high food prices while all this happens.
 

RayGravesGhost

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Its all around you and getting worse. An official recession will probably be declared late this month of they can't massage the numbers to claim it's .01%.

An official recession is the same as "destruction"?

Would you prefer we continue artificially pumping money into the economy instead?
Are you advocating for looser credit standards to spur even more spending?

There's a reason why we're experiencing inflation right now...

Because coming out of the pandemic...we we're one of the few global areas that had consumers with money & jobs.

The alternative was this:

6m5q2p.jpg



We will have some dead cat bounces but the markets will be going down much more as people tighten their belts and the profit levels of companies start to collapse. And thanks to Joe we also have crazy high food prices while all this happens.

Well while the doomsday scenario might make you feel better...

Very few analysts are predicting your bloodbath
 

Orangeclad

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The op should go to my gas station, selling at 4.86 this morning, find an African American (because they are generally on the lower end of the economic ladder) and tell them the great news. The op should then step back out of range to avoid a punch in the face. The American people ain't buyin' the happy talk bs that people like the op keep spreadin'. Want proof? Look at the freakin' polls.
 

RayGravesGhost

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The op should go to my gas station, selling at 4.86 this morning, find an African American (because they are generally on the lower end of the economic ladder) and tell them the great news. The op should then step back out of range to avoid a punch in the face. The American people ain't buyin' the happy talk bs that people like the op keep spreadin'. Want proof? Look at the freakin' polls.

OK...so AAA and others are lying gas prices haven't been falling for the past 3 weeks?
Funny, how you believe them when they report they're going higher though

Who's talking about polls? I thought trumpr supporters didn't believe in those things
(I guess they do if they support their narrative)

I'm talking about FACTS...the price of gasoline has been dropping

Why does a good thing like that seem to be want you don't want to hear?

Could it be because that info isn't good for your politics?
 

RayGravesGhost

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If Yahoo! is your source for news and information then you're legitimately one of the 32% of sheep who support Poopy Joe....among other things.......🐑🐑🐑🐑🐑

I guess you didn't see the NY Post article I linked to?

You know the NY Post owned by that widely known leftist Rupert Murdoch


How many more articles from other news sources would you like? There are plenty.
 

RayGravesGhost

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https://www.kbtx.com/2022/07/08/texas-sees-largest-weekly-decline-gas-prices-this-year/
Texas sees largest weekly decline in gas prices this year
By Megan Calongne
Published: Jul. 7, 2022 at 9:43 PM EDT| Updated: 11 hours ago

BRYAN, Texas (KBTX) - Earlier this week, the lone star state saw the average price for a gallon of gas hit its largest weekly decrease this year. After seeing the price drop 16 cents compared to the previous week, Texans are left to wonder if there could finally be some relief at the pump.

Joshua Zuber with AAA Texas joined First News at Four to discuss this price drop and whether it is here to stay.

Zuber explained that pump prices have been decreasing as crude oil prices have been trending down in recent weeks.

“Market watchers are citing concerns of demand falling in the future due to a possible economic slowdown,” he said.
 

BayouGator1995

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I guess you didn't see the NY Post article I linked to?

You know the NY Post owned by that widely known leftist Rupert Murdoch


How many more articles from other news sources would you like? There are plenty.
NY Post is no better, the same fake news types people like you EASILY fall for. Cutting and pasting whole articles from the fake news media complex doesn't make you any resourceful or smarter. It just means you'll believe ANYTHING these con-artists put out there. Heck, if they printed an article about Trump causing multiple sclerosis you'd cut and paste it everywhere.
 

RayGravesGhost

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Gas prices drop by almost 25 cents per gallon
July 6, 20224:49 PM ET

Heard on All Things Considered
Scott Horsley 2010
 

Gator Fever

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An official recession is the same as "destruction"?

Would you prefer we continue artificially pumping money into the economy instead?
Are you advocating for looser credit standards to spur even more spending?

There's a reason why we're experiencing inflation right now...

Because coming out of the pandemic...we we're one of the few global areas that had consumers with money & jobs.

The alternative was this:

6m5q2p.jpg





Well while the doomsday scenario might make you feel better...

Very few analysts are predicting your bloodbath

Yep lefty world order at all costs. Average Joe living standard be damned.
 

RayGravesGhost

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NY Post is no better, the same fake news types people like you EASILY fall for. Cutting and pasting whole articles from the fake news media complex doesn't make you any resourceful or smarter. It just means you'll believe ANYTHING these con-artists put out there. Heck, if they printed an article about Trump causing multiple sclerosis you'd cut and paste it everywhere.

So lets entertain the ignorant for a minute...

And where do you get your information from?

Is it firsthand?
You just hanging out around the WH, Mar a Lago, the Supreme Court, and Congress?

No...you read about it in the same media industry everyone else does

Your ignorance is only superseded by your lack of awareness & facts
 

Gator Fever

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This was the living standard trump left you in...

6m5til.jpg



and before him the last GOP president left you this...

6m5txv.jpg


that turned into this...


6m5u4e.jpg

That was crooked as hell and many of those bankers should have been in jail instead of bailed out. The smart Reps know the establishment Reps are just as crooked as the Dems.
 

RayGravesGhost

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That was crooked as hell and many of those bankers should have been in jail instead of bailed out. The smart Reps know the establishment Reps are just as crooked as the Dems.

So how is it a "lefty world order"? If republicans were involved?

And I suppose you've been voting republican for some time now...
So haven't you been voting for those establishment republicans?
 

BayouGator1995

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So lets entertain the ignorant for a minute...

And where do you get your information from?

Is it firsthand?
You just hanging out around the WH, Mar a Lago, the Supreme Court, and Congress?

No...you read about it in the same media industry everyone else does

Your ignorance is only superseded by your lack of awareness & facts
WRONG as always!! It's called the independent media community which is funded by everyday, common-sense people who work for a living. Epoch Times, Washington Times, Washington Examiner, Western Journal, OAN, Newsmax are legit new sources that broadcast the truth you're afraid to confront. There's more than what I listed that's available like RSBN.

Maybe if you listened to those sources and hung around real, knowledgable people rather than your sheep friends and CNN you'd learn something for a change.
 

RayGravesGhost

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WRONG as always!! It's called the independent media community which is funded by everyday, common-sense people who work for a living. Epoch Times, Washington Times, Washington Examiner, Western Journal, OAN, Newsmax are legit new sources that broadcast the truth you're afraid to confront. There's more than what I listed that's available like RSBN.

So everyday people don't fund the NY Times?
What are you talking about

Another tip...Newsmax isn't "new" they've been around for over 20 years

Who's afraid of confronting OAN?
They're being sued as we speak for a billion dollars

Maybe if you listened to those sources and hung around real, knowledgable people rather than your sheep friends and CNN you'd learn something for a change.

Ooooh that's some stirring enlightened commentary right there folks

Must come from all of that independent media funded by everyday people


But then again...if that's the case he just regurgitating what he's being told by his media sources

And doesn't that make him a right wing sheep according to his own definition?


bayou is not very bright
 

BayouGator1995

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So everyday people don't fund the NY Times?
What are you talking about

Another tip...Newsmax isn't "new" they've been around for over 20 years

Who's afraid of confronting OAN?
They're being sued as we speak for a billion dollars



Ooooh that's some stirring enlightened commentary right there folks

Must come from all of that independent media funded by everyday people


But then again...if that's the case he just regurgitating what he's being told by his media sources

And doesn't that make him a right wing sheep according to his own definition?


bayou is not very bright
Says the dunce-cap wearing RayGraves who posts fake news articles everyday in here swearing up and down he's right when it's clearly obvious to even a high school sophomore that his Leftist views are not only radical but dangerous and threatening to Americans everywhere. Obviously, you've no brains to function with.....and oh yeah, here's how terrible your news sources really are as their credibility has shrunk to record-low numbers, like "your President-In-Name-Only" Poopy Joe💩.......

 

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