It's odd with Brent Crude at 77 bucks a barrel.
In FL, CA, TX or? I just paid 2.99 in NM with a 20 cent discount = 2.79. The oil companies would have to nearly quit producing to get that high other than in CA or unless there was a World War. I just paid 4.35 in San Diego three days ago.
People think gas is tied 1 to 1 with oil prices........... it's not. That's only one factor.
National news. It was on a couple of stations.
Haven't seen $3.14 a gallon in YEARS.... Just paid $5.50 the other day.
Gas prices have been reliably falling month over month since this summer’s record highs. Last week, 22 states had an average gas price under $3.00. Texas led the way with an average gas price of $2.70.
Demand Is Still Lower than Last Year
Current gas demand in the US is still 300,000 barrels per day lower than this time last year. And that’s even after demand grew from 8.26 million to 8.71 million barrels per day in mid-December.
Even with upticks in demand, gas supply in the US grew by more than 2.5 million barrels.
Prices Should Continue Falling in New Year
Here’s what AAA spokesperson Andrew Gross had to say about the ongoing fall in prices.
“The cost of oil, gasoline’s main ingredient, has been hovering in the low-to-mid $70s per barrel, and that’s $50 less than the peak last Spring. Combined with low seasonal demand, gas prices could slide a bit more before leveling off.”
If supply continues to outpace demand and demand remains lower through the winter, these declining prices will likely continue.
How Does This Impact Car Prices?
Filling up a tank of gas is a minuscule expense compared with purchasing a new car. But the two prices will always be inextricably tied.
As gas prices rise, we see buyers favor fuel-efficient cars. That means buyers are buying fewer non-work trucks, performance cars, and large SUVs.
Prices go so high this summer that we were seeing people giving up gas altogether, choosing to make the switch to an EV or give public transit a try.
But now that gas prices have fallen for a prolonged period of time, we see a large uptick in the quantity and prices of the less fuel-efficient cars on our marketplace.
So if you’ve been thinking about selling a gas guzzler, do it before gas prices go back up in the spring.
A barrel of oil was never a negative $30. If you disagree then please post a reliable source with data
How? 87 is well under 4 bucks all around you. I usually sneak into your area in my wife’s gasser since it’s cheaper there than it is 10 miles away.
