Filled up the car today for $25. Gas was $2.20-something a gallon. Seems like just a couple of months ago that it was over $4.
It astounds me that the price of such a commonly used product would be so volatile. Are there any other commodities/products that fluctuate as wildly in price?
Basic food staples can easily see similar swings in prices in unusual circumstances such as famines, gold rushs and manipulations of the market (sometimes by gunpoint). When you’re in a crowd of hungry people and there’s only enough for a few the price of a breakfast can go sky high in minutes.
They are still producing oil like the economy is running at full steam, so the price drops. Once they cut back or the economy gets going again I’m certain we’ll se $3+ a gallon soon engough.
Natural gas spot can fluctuate big time in certain markets on certain days. Usually, retail customers are locked in though, I believe.
Fruits and vegetables. Price spikes after a freeze, price plummets after an unexpectedly big harvest.
Meat, milk and eggs can have similarly wide price swings, but not usually as quickly.
Metals. Aluminum and copper are about half what they were a few months ago. Probably other metals as well, but those are the only two I personally know of.
Bulk ammunition in military calibers can vary - when military is buying a lot of it, the price goes up for civilians.
Pretty much all of them. Nickel, and by extension stainless steel, are really high now. Basic carbon steel fluctuates a lot, too.
Metal prices fluctuate so wildly that companies involved in machining and fabrication usually can’t guarantee estimates for longer than thirty days, and even then are taking a risk.
Do concert tickets count?
The price of electricity can fluctuate wildly during a single day but this is not the price most consumers see.