What's the deal with gas prices in the short term?

From the news reports, it looks like there is too much oil in the world, at least above ground, and no place to store it. Before I offered my bathtub for storage, I checked gasbuddy.com for automobile gas (petrol for you Brits), and a station near me had regular at $1.08/gal last Tuesday, 2 days ago.

Today (Thursday) I drove by the station at 8AM and the sign said $1.19. Same price at another station of the same chain. I picked up some groceries, and went to the first station to fill up. The price was now $1.35. The attendant said it wouldn’t be going up for at least a few hours.

I just checked gasbuddy, and the same station now (at 6PM) shows $1.45.

So what’s going on? Is there a storage shortage or not? I know of no news in the last 48 hours that would affect prices this much this soon.

You may live in a location which does a lot of price cycling. The coronavirus drop put a damper on that for 2 months, but it looks like the local stations are doing their thing again today-Gasbuddy shows Milwaukee as going up 22 cents, but the local average there had gotten all the way down to 1.17.

It may happen here [NE FL] too next week, the price drop curve has flattened out this week. The local refineries may also be going thru spring maintenance, which can often mean a price jack.

I just checked my gas receipts and the last gas I bought was in late March, from the same station as the OP, for $1.89/gal (let’s ignore the 9/10 cents, shall we?).

By today, I couldn’t benefit much by the price reduction, as I haven’t been driving much – haven’t left the house for the last 10 days, and only twice in the last 20. So the cheap gas price is bittersweet – if I don’t need gas, having it available cheaply isn’t much to crow about.

Same here. I last bought gas in February and have half a tank. Though prices here are far from cheap, just somewhat cheaper.

It’s annoying how that works. It would be a lot more helpful if things got cheaper when we all wanted them.