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BumRushDaShow

(140,914 posts) Thu Aug 29, 2024, 07:34 PM Aug 29

Good news for Labor Day weekend travelers: Gas prices are dropping

Source: USA Today

Published 1:17 p.m. ET Aug. 29, 2024

Good news for Labor Day road trippers: gas prices are easing up.

The national average for regular fuel at the pump was $3.36 per gallon as of Thursday, down about 14 cents from last month and 46 cents from a year ago, according to data from AAA. Barring any unexpected road bumps ahead, experts say prices should keep falling through the remainder of the year.

“If you're going to go somewhere, it's a great weekend to go because prices are going in the right direction,” said AAA spokesperson Andrew Gross.

Why are gas prices down?

For most of the summer, the national average price for regular gasoline could “barely break away” from $3.50 per gallon, according to Gross. Data from AAA shows prices hovering between $3.44 and $3.54 in June and July. “Now, all of a sudden, it’s just tipped,” Gross said during an interview with USA TODAY last week.

Read more: https://www.usatoday.com/story/money/2024/08/29/labor-day-gas-prices-falling/74995496007/

4 replies

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Good news for Labor Day weekend travelers: Gas prices are dropping (Original Post) BumRushDaShow Aug 29 OP

Joe did that ArkansasDemocrat1 Aug 29 #1

They are dropping pretty rapidly here in SoCal. 4lbs Aug 29 #2

This has been predicted. Mawspam2 Aug 29 #3

Here BumRushDaShow Aug 30 #4

ArkansasDemocrat1

(3,167 posts)

1. Joe did that

Reply to BumRushDaShow (Original post)

Thu Aug 29, 2024, 08:04 PM

Aug 29

4lbs

(7,377 posts)

2. They are dropping pretty rapidly here in SoCal.

Reply to BumRushDaShow (Original post)

Thu Aug 29, 2024, 09:10 PM

Aug 29

A couple of months ago, right before the July 4th holiday, I reported a gallon of regular unleaded gasoline at my local gas station to be $5.00 (4.999)

Well, earlier this week, at the same station, a gallon of the same type of gas was $4.25 (4.249)

It had actually been around $4.25 since the beginning of August, so, in about a month, gas dropped 75 cents per gallon here.

Unless there are shenanigans at play (which may happen), I wouldn't be surprised to see gas prices below $4 per gallon here by Election Day. Even $3.75 or lower isn't too far-fetched now.

Mawspam2

(843 posts)

3. This has been predicted.

Reply to BumRushDaShow (Original post)

Thu Aug 29, 2024, 10:27 PM

Aug 29

The US fuelmaking complex — a key factor in global supply-demand balances — is faltering as consumption stalls and profit margins shrink. The slowdown bolsters the possibility that an oversupply of crude is looming, a threat that has limited oil prices to a roughly 7% gain this year despite OPEC+’s production cuts and rising geopolitical tensions.
....
Margins to convert crude into fuels are shrinking amid mismatches in the timing of refinery closures, conversions and new capacity additions at the same time as electric vehicles and heavy trucks fueled by LNG are growing in popularity in China, the world’s top oil importer.

https://www.bloomberg.com/news/articles/2024-08-11/oil-refiners-in-us-slow-down-stoking-global-crude-glut-worries

Let's also remember that Biden used the SPR to break OPEC. The Strategic Petroleum Reserve has since been nearly refilled - at a much LOWER price than when it was put on the market - making a hefty profit in the process.

https://www.energy.gov/ceser/articles/biden-harris-administration-continues-secure-good-deal-taxpayers-replenishment-7

BumRushDaShow

(140,914 posts)

4. Here

Reply to Mawspam2 (Reply #3)

Fri Aug 30, 2024, 07:50 AM

Aug 30

https://www.democraticunderground.com/10143288763

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