Gasoline prices were (per AAA) were down 3¢ this week, to $3.436. A year ago, the price had ballooned to $4.242.
The seasonal consumption is slipping a bit. (This is a four week moving average). It is -2.2% below one year ago levels. However, the national average pump price is -19% 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 +98.8M 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? Looks to be flat, to -2.6¢.
Last week, I forecast a -17¢ fall and got -3¢. No excuses, screwed up.
If consumption follows last year's path, it should drift lower during April. Of course, it should be noted that consumption ramped up, even with higher pump prices.
We pumped away, while complaining about the pump price. Ain't we smart?
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