Lets try another analogy: You bought a stock at $100, market crashed and it hit $50. Now, after a slight recovery, its at $75. Of course its better than $50, but you didnt make $25, you're still down $25. On the whole, still bad news. Celebrate when gas is at ~$2.83. Until then, we're still in the hole.
Gas prices are tanking!
- Thread starter Sooner-Be-Dead
- Start date
Refining capacity limits their ability to 'flood the market'.
Prices reduce demand, which is how producers keep consumers from running the tanks dry.
When stockpiles fall, as they were, prices rise, to balance that.
They did.
No conspiracy.
No gouging.
Just supply and demand.
It never went anywhere.
"If you print a bunch of money and give it away it will stoke inflation."
"No it won't, you're just spreading fear!"
Refining capacity limits their ability to 'flood the market'.
Prices reduce demand, which is how producers keep consumers from running the tanks dry.
When stockpiles fall, as they were, prices rise, to balance that.
They did.
No conspiracy.
No gouging.
Just supply and demand.
It never went anywhere.
"If you print a bunch of money and give it away it will stoke inflation."
"No it won't, you're just spreading fear!"
Can you show us where demand for fuel went down in June? The latest data I see is from April and there is no drop in demand then.
This shows the amount supplied but is informally used to show consumption as well.
I'm gonna need to modify my prediction that gas would be $3.50 by the end of August. More than likely it's there by end of July.
And all this happens during the peak of vacation season.
And all this happens during the peak of vacation season.
Sure, go back and read the sixth post in this thread.
Prices work.
link
Prices peaked early June when gasoline stocks hit nadir.
Gasoline stockpiles have increased since and the price has gone down.
218.2 to 219.1 million barrels in stock? So we have 0.9 million more barrels of supply from June 1 to July 1. Is that the decrease in consumption and resulting price decrease you reference? Seems like a tiny change. Not arguing but generally curious if we really stopped driving due to high prices and consumer behavior is what is bringing prices down. Have to say I'm skeptical based on the data but I'm no expert.
This graph tells it well. The shaded part is the 5 year avg.
I would pay less attention to the amount than which direction it is going. gasoline stocks were already low compared to recent years, but the direction they were going needed to change.
Price moved to arrest the decline of supply. Right where the supply decline reversed is when the price pivoted.
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anon_911569jwrmy3z
Guest
You are making the case for why inflation is not transitory or short term. The more the Fed tries to prevent recession, the longer inflation will remain with us. Some, if not many, economists see a double recession within a 3 year period.
These are the failed policies of 2020 and 2021.
You can map it all out for him but it still doesn't register.
I dont know why I bother. I just paid 4.19 in Sac City Iowa today. A year ago we had the same leadership we have today.
That's quite the analysis.
By raising interest rates, demand for big ticket items will slow down.
The Federal deficit is declining under this administration. There are many positives that show the current climate is not even close to the 2008 period.
Certain media sources want to stoke fears to hurt the WH. Apparently those are the sources of your concern?
Completely irrelevant as we were still coming out of the depths of Covid and consumer demand was still recovering a year ago.
Why in the hell are you paying $4.19 a gallon for gasoline? Is that gas without ethanol for your lawn mower?
Be Better!
Well to be fair I had $2.99 on my hyvee fuel saver card so I only paid $1.10. So it was 4.09. My mistake. Still a hell of a lot more than I paid a year ago.
Gas in NW Iowa is still at or above $4. I suspect they'll see central Iowa prices soon.
Paid $4.75/gal for non-ethanol 91 today - last tank for this vehicle was 6/6/2022 @ $5.25/gal (same store).
If my calendar math is correct, that's a penny per day drop between tanks.
If my calendar math is correct, that's a penny per day drop between tanks.
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anon_911569jwrmy3z
Guest
You have such a surface level understanding of the economy. Your insights are covered in section 1 of chapter 1 of a high school economics course.
I have not mentioned 2008 in my points, so not sure why you bring it up. However, I don't think you have the least bit of understanding why this cycle is different than that cycle.
When I say our current economic environment is the result of 2020 and 2021 failed policies, which media outlet is influencing me?
Yeah, those clowns that ran around vandalizing gas pumps look like idiots now.
Still over a dollar higher from when Trump left office. It’s still high. Glad Biden asked the gas stations to lower their prices, seems to be working , bahaha
Tell me you have no understanding of how economics work without telling me you have no understanding of how economics works.
I am a bit confused. As someone who understand the president has very little control on short term oil prices, when they were high, accounts like this were parroting a similar narrative. As they continue to drop (still $.75-$1.00/gal more than a year ago though), now the president gets credit from the same people who said its not his fault. Are these sarcastic/ironic positions? Hypocritical?
I'd say it's more in mockery of those who blamed him for the high prices. There was/is an ongoing narrative that democrats = high gas prices. When gas started going up within a month or two of Biden taking office we got a lot of "see? I told ya so!". Biden is still president yet prices are going down.
Are you seriously trying to claim that gas prices are back to normal? You might have won the award for the stupidest poster or maybe the most ardent liberal lackey of the year. When gas prices skyrocketed it was Putin's fault they come down 15 cents and that is due to Biden? And you are crowing about it?
Are you seriously trying to claim that gas prices are back to normal? You might have won the award for the stupidest poster or maybe the most ardent liberal lackey of the year. When gas prices skyrocketed it was Putin's fault they come down 15 cents and that is due to Biden? And you are crowing about it?
What do you believe were the reasons for gas prices going up and what are the reasons that it is going down now?
Did somebody say "gas prices are back to normal"? They are getting close to the high point during Trump's presidency at least and are continuing to drop. They have a ways to go before they get as low as they were on Obama's last day.
Did he say they were "back to normal"?Are you seriously trying to claim that gas prices are back to normal? You might have won the award for the stupidest poster or maybe the most ardent liberal lackey of the year. When gas prices skyrocketed it was Putin's fault they come down 15 cents and that is due to Biden? And you are crowing about it?
And for the 100th time, the dumb ass Trumpers were the ones blaming Biden for gas prices rising. Liberals are just shoving it back in your face and it's clear you can't take it. I don't think Presidents have much to do with gas prices so I give Biden little to no credit on this but also little to no blame for the rise.
That's got a ways to go before we hit the $13.00/gal that Iowa Republicans claim was going to occur before the 2020 elections if Dems were in office.
#GasPricesAreSoLow is trending
It didn't take long for Faux to be Bigly triggered
It didn't take long for Faux to be Bigly triggered
Gas Prices Increase
Them: The President has nothing to do with gas prices
Gas Prices Decrease
Also Them: That's a Biden Win
