Post by ferris1248 on Jun 13, 2024 6:44:06 GMT -5
Waiting for the howls of protest from the outraged.........
"Why the recent fall in prices at the pump? Industry analysts point to a blend of lackluster demand and strong supply — as well as relatively mild oil prices worldwide."
"There are a few factors contributing to today’s falling gas prices. For starters, fewer people may be hitting the road."
“Demand is just kind of shallow,” AAA spokesperson Andrew Gross said, pointing to trends seen last year and potential lingering impacts of the COVID-19 pandemic. “Traditionally — pre-pandemic — after Memorial Day, demand would start to pick up in the summertime. And we just don’t see it anymore.”
"Last week, data from the Energy Information Administration showed that U.S. gasoline demand slipped to about 8.94 million barrels a day. That might still sound like a lot — but before the pandemic, consumption could reach closer to the 10 million barrel-a-day range at this time of year, Gross noted."
"Some of this is still seasonal. Patrick De Haan, head of petroleum analysis at GasBuddy, noted that gas prices typically ease in early summer because of refinery capacity. At this time of year, he said, many factors boosting prices in late winter and early spring — particularly refinery maintenance — are no longer present."
“Once refinery maintenance is done, output or utilization of the nation’s refineries goes up — and that contributes to rising supply,” De Haan said. And that stronger supply, paired with weaker consumption, has led to a “bit more noticeable” decline in prices this year. He added that U.S. refinery utilization is at some of its highest levels since the pandemic."
“Really, what we’re seeing right now with (declining) gasoline prices ... has been driven primarily by seasonal and predictable economics,” he said."
"West Texas Intermediate crude, the U.S. benchmark, has stayed in the mid $70s a barrel over recent weeks — closing at under $78 a barrel Monday. That’s “not a bad place for it to be,” Gross said, noting that the cost of crude typically needs to go above $80 to put more pressure on pump prices."
"The future is never promised. But, if there are no major unexpected interruptions, both Gross and De Haan say that prices could keep working their way down."
apnews.com/article/gas-prices-fall-summer-travel-62e6c0a321892350830b0fe301494459
"Why the recent fall in prices at the pump? Industry analysts point to a blend of lackluster demand and strong supply — as well as relatively mild oil prices worldwide."
"There are a few factors contributing to today’s falling gas prices. For starters, fewer people may be hitting the road."
“Demand is just kind of shallow,” AAA spokesperson Andrew Gross said, pointing to trends seen last year and potential lingering impacts of the COVID-19 pandemic. “Traditionally — pre-pandemic — after Memorial Day, demand would start to pick up in the summertime. And we just don’t see it anymore.”
"Last week, data from the Energy Information Administration showed that U.S. gasoline demand slipped to about 8.94 million barrels a day. That might still sound like a lot — but before the pandemic, consumption could reach closer to the 10 million barrel-a-day range at this time of year, Gross noted."
"Some of this is still seasonal. Patrick De Haan, head of petroleum analysis at GasBuddy, noted that gas prices typically ease in early summer because of refinery capacity. At this time of year, he said, many factors boosting prices in late winter and early spring — particularly refinery maintenance — are no longer present."
“Once refinery maintenance is done, output or utilization of the nation’s refineries goes up — and that contributes to rising supply,” De Haan said. And that stronger supply, paired with weaker consumption, has led to a “bit more noticeable” decline in prices this year. He added that U.S. refinery utilization is at some of its highest levels since the pandemic."
“Really, what we’re seeing right now with (declining) gasoline prices ... has been driven primarily by seasonal and predictable economics,” he said."
"West Texas Intermediate crude, the U.S. benchmark, has stayed in the mid $70s a barrel over recent weeks — closing at under $78 a barrel Monday. That’s “not a bad place for it to be,” Gross said, noting that the cost of crude typically needs to go above $80 to put more pressure on pump prices."
"The future is never promised. But, if there are no major unexpected interruptions, both Gross and De Haan say that prices could keep working their way down."
apnews.com/article/gas-prices-fall-summer-travel-62e6c0a321892350830b0fe301494459