Gas prices drop more than 60 days in a row

[BumRushDaShow]

Source: CNN Business

Published 6:54 AM EST, Tue November 28, 2023


New York CNN — In a gift to American shoppers this holiday season, gasoline prices have dropped for 61 consecutive days after getting dangerously close to $4 a gallon in September. The average price for a gallon of regular gas stood at $3.25 a gallon on Tuesday, according to AAA. That’s down five cents from a week ago and 26 cents from a month ago.

Gas prices have now fallen every day since the peak on September 18, AAA data shows. The streak is a victory for consumers, saving them extra cash just in time for the crucial holiday shopping season.

Americans are particularly sensitive to shifts in prices at the pump as they are highly visible and largely unavoidable. “Gasoline prices are so in-your-face. This is a clear tailwind for consumer spending,” said Tom Kloza, global head of energy analysis at the Oil Price Information Service.

Millions of Americans hitting the road on Thanksgiving Day were greeted by the cheapest gas price for the holiday since 2020, when many people couldn’t take advantage of them because of Covid-19.

Read more: https://www.cnn.com/2023/11/28/economy/gas-prices-drop-consumer-spending/index.html

[IronLionZion]

1. Thanks a lot Biden

[durablend]

2. Meanwhile....

Several of the local Sheetz stations shot up 40-50 cents a gallon overnight.

[BumRushDaShow]

3. Maybe because of this --

Sheetz gas prices for Thanksgiving week: $1.99 a gallon deal being offered to travelers


Mike Snider
USA TODAY

Published 11:13 a.m. ET Nov. 20, 2023 | Updated 8:56 a.m. ET Nov. 25, 2023


Gas prices may be down nationwide, but Sheetz is cutting the price even more during Thanksgiving week.

The major mid-Atlantic gas station, restaurant and convenience chain with more than 700 locations is reducing the price of its Unleaded 88 gas to $1.99 per gallon through Monday, November 27 at 11:59 p.m. ET.

What is Unleaded 88 gas?

Unleaded 88, a fuel blend also known as E15, is 15% ethanol and 85% gasoline, approved by the U.S. Environmental Protection Agency for use in all 2001 and newer vehicles.

The $1.99 price offers more than $1 in savings per gallon for many shoppers. The national average for unleaded is $3.274 per gallon, according to Patrick De Haan, head of petroleum analysis at GasBuddy, who posted Monday Nov. 20 on X, formerly known as Twitter.

(snip)

https://www.usatoday.com/story/money/2023/11/20/sheetz-gas-prices-unleaded-88-1-99-thanksgiving-deal/71653557007/

Sheetz is mostly a Western PA thing. Over here in SE PA, I think the closest one is like 25 miles away from Philly. This is a Wawa region!!

[durablend]

5. Nothing to do with that

Unless they're raising everything else to make up for whatever they ate on that 1.99 promotion.

3.15 for 87 on Sunday (and yesterday according to Gasbuddy), jumped to 3.59 today. Everyone else nearby is still in the 3.15-3.25 range so either there's some pipeline wide jump coming or they're trying to goose everyone else into raising theirs.

[BumRushDaShow]

6. "Unless they're raising everything else to make up for whatever they ate on that 1.99 promotion."

That sounds like what might be happening then.

There's nothing here in the Philly area anywhere near $3.15/gal. The normally "highest near me" station was "down to" $3.49, which is pretty low for them. Liked to faint in the car. When I was out yesterday, I saw some $3.35s

[LiberalArkie]

4. Why has Biden stopped all the oil drilling??????? gee ya know it is coming. Right?

[BaronChocula]

7. Either that or

"Bidenomincs is strangling the profits of American energy companies!"

[340ing]

8. The media is all of a sudden not so excited about gas price changes

Because it's not in the direction that prefer.

[Kennah]

9. Thanks, Biden

Let's bring that back

[quakerboy]

10. I am wondering why

I dont recall the last time active war in the middle east made gas prices lower.

I dont trust it. My inner skeptic thinks the powers that be are dropping the price so they have room to jump the price/pain closer to the general election

[BumRushDaShow]

11. There are overlapping things going on that is triggering this

1.) For some of the most densely populated areas in the U.S., there has been a switch from "summer blend" to "winter blend" gasoline (to adjust the vapor points achieved to align with seasonal temps), which drops the price annually in those areas.

2.) A concern with the economy of China that continues to suggest less demand, which has impacted not only the price of oil, but the price of refined products like gasoline.

3.) And regarding this war, aside from the terrorist groups in Lebanon, Syria, and Iraq randomly lobbing munitions and drones at Israel and/or U.S. bases in the area, those countries are not actually engaged in an active war that would impact their oil production.

4.) A supply thing that has triggered a drop in the price of oil (which has pricing that moves separately from gasoline), despite the cuts from some OPEC+ countries. This would likely be due to an uptick in U.S. production and increases in Venezuelan oil into the market (that has recently been permitted with the lifting of some sanctions). I.e.,

US oil and gas production set to break record in 2023 despite UN climate goals

Oliver Milman in New York
@olliemilman
Mon 27 Nov 2023 06.00 EST
Last modified on Mon 27 Nov 2023 09.19 EST

The United States is poised to extract more oil and gas than ever before in 2023, a year that is certain to be the hottest ever recorded, providing a daunting backdrop to crucial United Nations climate talks that hold the hope of an agreement to end the era of fossil fuels.

The US’s status as the world’s leading oil and gas behemoth has only strengthened this year, even amid warnings from Joe Biden himself over the unfolding climate crisis, with the latest federal government forecast showing a record 12.9m barrels of crude oil, more than double what was produced a decade ago, will be extracted in 2023.

Records will also be broken this year for gas production, with a glut of new export terminals on the Gulf of Mexico coast facilitating a boom that will see US exports of liquified natural gas (or LNG) double in the next four years.

Tellingly, the US government expects this frenzy of oil and gas activity to continue at near-record levels right up to 2050, a point at which scientists say planet-heating emissions must be eliminated to avoid catastrophic climate breakdown. A third of the world’s planned oil and gas expansion in this period will occur in the US, a recent report found.

(snip)

https://www.theguardian.com/environment/2023/nov/27/us-oil-gas-record-fossil-fuels-cop28-united-nations

One of the limiters however, has been a dearth of refineries to produce the gasoline. But even with that, at least this year, the hurricane season, that often forces drillers and refineries offline in the Gulf of Mexico area for periods of time, didn't produce any in that area. So disruptions were kept to a minimum.

[oldsoftie]

12. I dont care if they drill in Times Square if it keeps trump out of office.

Where I am in GA, gas is back to where it was pre-covid. GA has dropped the state gas tax though. But nationwide the prices need to fall further. I still dont understand the justification of some of the prices out West when I know the gas taxes aren't THAT much higher.
I paid 2.45 last week. How it can still be above $4.00 in CA I dont get.

[maxsolomon]

14. Still nearly $5/gallon in Seattle

Taxes, limited #s of refineries.

[oldsoftie]

16. But your taxes are only about .20 a gallon higher than GA.

And aren't there pipelines serving the Northwest? We're producing record amounts (which the administration needs to advertise a lot better)

Our gas tax suspension ends tomorrow, so my gas will go to about 2.75. But I just can't see a legit reason for you together screwed by over TWO DOLLARS more than I'm paying. And we dont have any refineries here either; I think the closest is about 450 miles away. But we DO have a pipeline network thru the state

[maxsolomon]

17. 2 refineries, no pipelines I'm aware of.

https://crosscut.com/environment/2023/07/why-washington-gas-prices-are-nations-highest#:~:text=Conservatives%20are%20blaming%20Washington%E2%80%99s%20high%20gas%20prices%20%E2%80%93,are%20not%20a%20surprise%20result%20of%20the%20program.

[ChazII]

13. $3.39 at Circle K

in my neighborhood.

[durablend]

15. Oil companies heard this report

Prices locally (central PA) are up 40-50 cents per gallon on most grades. Was hoping we might go below $3 by Christmas but we're back above $3.50 again.

[The Third Doctor]

18. Once they go up again people will blame Biden.

When they are down. Crickets. Not that Biden is in direct control anyway. Smh