"Gas prices are plunging... Gas prices have fallen more than 35% from their July 2022 peak"
Link to tweet
The Street: "Gas prices are plunging and it's bigger news than you think. Gas prices have fallen more than 35% from their July 2022 peak"
Gas prices have fallen more than 35% from their July 2022 peak, when the national average topped a record $5 per gallon.
Martin Baccardax Sep 13, 2024 11:03 AM EDT
U.S. gasoline prices are set to extend their long summer decline into the autumn months, giving consumers a big boost into the presidential election cycle, as global crude markets wither amid a slump in industrial demand and a lack of cohesion among OPEC cartel members.
Crude prices have been in decline for more than a year, with the mid-summer pullback triggered in part by global growth worries and record high U.S. oil and natural gas production rates, which are now more than twice those of OPEC leader Saudi Arabia.
WTI crude, the benchmark tied to domestic gasoline prices, has fallen nearly 20% from its early July highs and is was trading firmly below the $70 a barrel mark earlier this week, and at the lowest levels since December 2021, even given concern that Hurricane Francine might disrupt supply.
The Category 2 storm made landfall near New Orleans late Wednesday, carrying wind speeds of as much as 100 miles per hour before being downgraded to a tropical storm that still could stall output in the Gulf region, which accounts for around 39% of all U.S. oil and gas production.
/snip
More good economic news before the election!
= new reply since forum marked as read
Never mind that the country was shut down and we were using refrigerator trucks as portable morgues during the pandemic (thanks in large part to tRump's pathetic "leadership"
.
And personally I don't really care about gas prices all that much anymore since our hybrid gets around 45 miles per gallon.
In the last few years I've done a fair bit of travelling and have seen that we pay WAY less for gasoline than any other country. People in other countries don't drive big SUVs and 4 x 4 pickup trucks simply to get from point A to point B either. It would actually be better for the environment if gasoline prices were much higher than they are now so people in the US would shift to more efficient vehicles, but we don't dare stir up the MAGATs and give them any talking points.
Where are all those "I did that!" stickers now?
