U.S. gas prices plunge toward $3 a gallon as demand drops worldwide

[Yo_Mama_Been_Loggin]

The cost of gasoline is falling so fast that it is beginning to put real money back in the pockets of drivers, defying earlier projections and offering an unexpected gift for the holidays.

Filling up is now as cheap as it was in February, just before Russia’s invasion of Ukraine touched off a global energy crisis. AAA reported the average nationwide price of a gallon of regular Wednesday was $3.50, and gas price tracking company GasBuddy projected it could drop below $3 by Christmas. And all of that relief probably helped drive robust shopping over Thanksgiving weekend.

“People are realizing that they might be back to spending $50 to fill their tank instead of $80,” said Emma Rasiel, a professor of economics at Duke University. “It is the main signal consumers notice on inflation. It is the one thing they are likely to track, how much it has gone up or down, because every week they need to fill up their car.”

But Rasiel cautioned that less-expensive gas can also give consumers the wrong idea. Prices of other goods and services are much less volatile, and there is no indication that this moment of more-affordable fuel is pushing the cost of other things down.

https://www.washingtonpost.com/business/2022/11/30/gas-prices-drop-russia-oil/

Thanks Dark Brandon

[Beachnutt]

1. $2.67 a gallon in my area

mid cities DFW

[A HERETIC I AM]

2. No MAGA type, and I mean NONE OF THEM....

is going to give credit to Biden for this, even though he really had little to do with it, just as he had bugger all to do with the rise.

They'll blame him for the increase but find some fault in him for the decrease.

Just watch.

[drray23]

3. yeah. fox news is gonna say that Biden destroyed the economy

so much that he killed demand for gas , hence the low price.

[Carlitos Brigante]

6. That and since their target audience is devoid of any intellectual capacity. They'll spin

the lower gas prices as a negative for the economy.

[iemanja]

9. In truth, Biden or any president can't control the international price of oil and gas

When it's high or when it's low. The article says the price has dropped due to a decrease in demand.

[W_HAMILTON]

13. I think that's not completely true.

Sure, the worldwide increase in prices have happened due to factors out of Biden's control, but Biden has worked with other countries about releasing more of their national oil reserves, releasing more of our own oil reserves, he also looks to be working with Venezuela on increasing their oil output, etc.

So, while the worldwide increase in gas prices have not been Biden's fault and was due to situations that he did not have much control over (e.g., Russia invading Ukraine), he has been instrumental at doing what he can to help offset that increase.

[Takket]

4. "there is no indication that this moment of more-affordable fuel is pushing the cost of other things

down"

LOL

Of course it isn't! Why would it! Companies don't make honest changes like that anymore. if their shipping costs are less, they jack up the price another 2%, say inflation, and pocket the 2% AND the fuel savings

[ProfessorGAC]

8. It Will, Though

Wholesale prices are provably linked to fuel costs.
Of course, diesel prices are not falling at the same rate as gas, so it won't be quick.
The nit I have to pick with the article is linking the price of gas directly to demand. If the link were that reliable prices of crude, gas & diesel would never have risen so high.
There were no serious shortages of crude or refined goods anywhere the whole time.

[TheBeam19]

10. Exactly this.

But we’ll always have those who will never catch on to the scammy shell game economy we have.

[RussBLib]

5. I wonder how quickly the GOP will take credit

"See, the GOP takes the House and we are already pushing gas prices down for the American consumer!"

[IronLionZion]

7. Of course it drops after the election

because The GOP bravely lowered the prices, not because oil companies restricted their refinery outputs to help the GOP blame Dems.

[phylny]

11. This!

Of course I thought it was because I bought a hybrid in September.

[ChazII]

12. Paid $3.64 a gallon today in south part of Scottsdale. n/t