Gasoline prices were (per AAA) were up 2¢ this week, to $3.466. A year ago, the price had ballooned to $4.316.
The seasonal consumption is slipping a bit. (This is a four week moving average). It is -0.8% below one year ago levels. However, the national average pump price is -20.2% below same period.
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If you are really into this type of thing... the import/export surplus of gasoline since last March 1st 2022, stands at +95.9M barrels. This is a global market, so the global economy, as well as refinery output, is key to where pump prices will be.
Where will pump prices be next week? Something very serious is going on with crude, as prices have plummeted the past few days. With it, gasoline futures are in a bit of tailspin.
Last week, I forecast a 7¢ rise and got 2¢. That is a good thing. Currently the number are showing a dramatic fall of nearly -17¢.
I wouldn't take that to the bank, although I am not sure what to take to a bank these days.
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