Why is gas going down in price?

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Betcha with the House turning Red they (speculators) think we're going to stop supporting Ukraine, so the Ukraine-Russia war will end one way or another, and Russian oil is going to re-enter the market.

Diesel's down here, too.
All the market indicators I follow (peak margin debt, 10Y/3M Treasury yield spread, average div yield/10Y Treasury yield, and core PCE relative to FFR) are flashing red for an imminent and very nasty recession/depression.
Aside from a slight bump in the summer, US gasoline consumption has been on a steady decline. There was a rapid decline in the spring when gas was near $5/gal with the summer bump being the weakest since 2008. The shift to hybrid and electric cars is part of it, but a lot of it is people just aren't driving as much they usually do.

US gasoline consumption hit a peak of 9.7 million barrels a day in September 2019 before falling off for the winter slump. It tanked to 5.7 million/day in 2020 due to lockdowns, which drove prices down to well under $2/gal. It recovered to 9.5 million/day peak in summer 2021 and has been on a decline ever since, currently at 8.6 million/day. Supply has been as much a rollercoaster as the demand, especially this year.

The last time I checked the ethanol content of premium pump gas here in SC was about a month ago, and it was right on 10%.
I just do the same thing since graduating college and getting first job. Insert credit or debit card into pump . Fill car. Don’t look at price. Able to pay credit card in full or have funds in debit.

Don’t think about it or care. Out of my control.
Well, Diesel is still very high. So the prices of everything won’t be coming down any time soon. Easy to tell when BF prices completely sucked this year. Inflation is really hitting people hard at this point…

Gas will drop-but not for long. Production is expected to slow in the coming months. With a full blown recession on the way after the new year, I don’t see gas going down any time soon…..
Diesel here has a dollar spread, $4.89 to $5.89. Think the wholesale dropped, and retail's going to follow. What a banner year to own a gas station-- prices shoot up like a rocket but fall like a feather.

Only wildcard could be if they're clearancing the summer blend, as winter blend has K1 which is hard to get.
The price of crude oil has moved steadily down to $80 from $120 last summer. Refineries have realized that doesn't matter, they can set their own price. Diesel is still expensive because demand is there.
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