I don’t see wholesale gas prices on that link. But it’s so volatile that the price change depends on where you are starting from. August WTI started the week at $116, traded up to $120 and down to $111, then was back to $116 yesterday. So until yesterday, it was unchanged on the week. The big move down has been in the last 24 hours, it’s trading now at $108.70. It looks like it could be a significant break from the uptrend of the past 6 months, starting to price in the possibility of reduced demand in a recession.
I mean, big corporations aren’t our friends, sure. But in a free market economy nothing depends on corporations being our friend. What matters is that the market is well regulated and fair. Then it’s competition that works for consumers to keep prices down.
In any event, oil companies are no more responsible for the oil price shock than Biden. It’s Putin who is responsible.
Of course. But that’s why getting mad at corporations is usually misdirected, except when they work to advance their interests by influencing corrupt politicians. The only thing I expect corporations to do is follow the law and provide the goods and services I want, I don’t want anything to depend on them being “nice”.
What’s essential for society is that there is appropriate and adequate government regulation to keep the market free, fair and efficient; and as you say that profits are taxed appropriately.
We should be mad at politicians who aren’t doing this. Which includes the entire Republican Party who have been in the pocket of Koch et al for decades.
I bought three and a half gallons today there for $4.999/gallon. My econometer said I averaged 45.4 mpg over 185.2 miles. My calculations say 52.73 mpg. (The car’s measurement is usually about 3% optimistic.)
$5.39 for Diesel yesterday in Colombia South Carolina. A welcome change from 5.99 in the Hatteras NC area, and 5.70 in Gatlinburg. Will be in Jawja later today and report if any notable changes.
I bought gas this morning in Green Bay, WI, as I was leaving my parents’ house; regular was about $4.70.
Upon arriving home in suburban Chicago, I saw that the prices at the stations in my neighborhood are still exactly where they’ve been for several weeks, around $5.85.
After a modest rally today to $110, crude just got slammed again after the U.S. close - now below $106. Not sure why, I don’t see any significant news in the last hour, but technically it now looks like a clear break of the uptrend, we may be hitting stop-losses on speculative long positions.
Color me unimpressed so far with AAA’s average price of gas having dropped only 3c. I don’t know how much lag there is going to be, but this must start to have some effect on pump prices soon unless the decline in crude completely reverses.
Dropping in central AZ. Oddly enough the expensive place was lowest at 4.89, the other places in the area were around 4.99. One interstate station was 5.09 when we got home tonight and it will probably change because we saw the gas truck going their way.
My FIL paid $4.09 yesterday in Aransas Pass (north of Corpus). The stations near me (close to Houston) have been stuck at $4.35 - $4.39 for better than a week.
Between Monday, when regular-grade gas in suburban Cook County, IL was no lower than $5.85, and Wednesday, it dropped at least a dime at every station in my area; they are all now around $5.75.
Regular has come down almost 60¢ /gal from the peak of $3.999 at our local WaWa. My husband’s conspiracy theory is that they’d run the price waaaaaay up so when it finally drops, we’ll be relieved and pay up without complaint. It’s just crazy enough to be plausible…
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