Pump prices having been falling all summer, and as Labor Day approaches, they’re 47 cents lower than this time last year. Some analysts see $3 gasoline in our future.
Source: Could gas prices be heading for $3 per gallon? Some experts think so : NPR
fta:
“Despite the devastating effects of Katrina and Rita on oil supplies, those storms were seen as outliers. Typically, late-season storms have less impact on fuel prices, according to Tom Kloza, the global head of energy analysis for the Oil Price Information Service (OPIS). That’s because every year, around August, the industry transitions from a summer blend to a winter blend of gasoline. The winter blend, which evaporates at lower temperatures, is less expensive to produce. And that switch occurs just as the summer driving season is waning.”
…
“Kloza points to several factors to explain the change: Remote work means fewer commuters. There are an estimated 3.3 million electric vehicles on U.S. roads, more than twice as many as in 2021. More EVs have helped keep demand for gasoline in check, although Kloza notes that the effect is relatively modest, with every million EVs sold reducing demand by about 22,000 barrels a day. And Kloza also notes the gradually aging U.S. population — older Americans, he says, “tend to drive a lot less.”
— 2024-08-25 – Sunday
earlier I wrote this about TFG’s solution for inflation, housing, etc. is to “Drill Baby Drill” and expand extraction:
tfg’s suggestion that economy can be fixed by “drill baby drill” and “make usa biggest energy producer” ignores the fact that usa is currnrlt biggest producer of opil in the world. and is the strongest economy in the world
— 2024-08-25 – Sunday
something about this is important:
so 3.3 ev / 283 total is ~1.1%, so not near the 5% so-called tipping point i read elsewhere. ???
