Gasoline prices were (per AAA) were up 9.2¢ this week, to $3.621. A year ago, the price had ballooned to $4.098. I projected a 12.5¢ increase, and didn't get it. Hooray! Not a bad thing.
The consumption edged up a healthy +3.1% from last week, and jumped 6.8% above year ago numbers. (This is a four week moving average).
If you are really into this type of thing... the import/export surplus of gasoline since last March 1st 2022, stands at +99.3M 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 +12.5¢ increase and got a +9.2¢ rise. I hope the reality is still less than my expectations.
So, it looks like a +12.4¢ increase at the pump. Here's hoping I am wrong.
As for the outlook of $4 per gallon at the pump nationally... 1st or 2nd week of May.
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