Gasoline consumption through week ending, Mar-24-2023

Gasoline prices were (per AAA) were up 2.5¢ this week, to $3.461. A year ago, the price had ballooned to $4.244.

The  consumption edged up a bit from last week at +0.9%, although still below last year, at -1.0%. (This is a four week moving average). 

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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 +98.5M 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? Last week, I forecast a -2.6¢ drop and got a +2.5¢ rise. I hope my inability to accurately predict prices remains opposite of what takes place. At least for the coming week. 

So, it looks like a +4.5¢ increase at the pump. 

If consumption follows last year's path, it should drift lower during April. There is still no great expectation for energy prices to repeat last year's upward rise... at least as far as gasoline.