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17 thoughts on “How far can gasoline drop?”

  2. KawSunflower

    Cash price at one station has been $3.19 for days now, with several others pricing under $3.50, & more under $3.75. Not adding extra to the newspaper carrier's monthly tip now. From NoVa, old dominion.

  3. rick_jones

    We certainly are of a have cake and eat it too mindset when it comes to gasoline. The oil is supposed to stay in the ground, but gas is supposed to remain cheap.

  4. rick_jones

    Life under President Biden just keeps getting better and better!

    And if we extend out the trend line, shirley before long they will be paying us to use gasoline!

    1. Salamander

      Heh! That brings to mind back when the former guy was occasionally visiting the Oval Office between rounds of golf at his resorts. Remember how he was ludicrously in favor of coal? Well, the joke was that if somebody could invent a coal-powered automobile, they'd get full government funding for it. And probably a presidential medal of something-or-other.

  5. Heysus

    My feeling is that higher gasoline prices keep folks off the street a bit more and help to save the planet. I know it doesn't help those who must commute but maybe we need to rethink mass and rapid transit....

    1. Salamander

      Back when gasoline was well over $4/g, a couple of the local NPR staff were discussing it and one said he'd gotten his bicycle out and commuted in to work that day on it.

      Cut greenhouse gases, get healthier, take in the air and sunshine. How can we sell this?

    2. Jasper_in_Boston

      My feeling is that higher gasoline prices keep folks off the street a bit more and help to save the planet.

      Your feeling is definitely wrong.

      While higher gasoline prices do indeed reduce driving, they don't help "save the planet." In fact, the opposite occurs, because higher gas prices help elect Republicans.

  7. Silver

    I'm sorry, but I just don't get this. Kevin is supposedly well informed regarding climate changes, global warming, CO2 emissions and the like. How can he be unequivocally happy about gas prices going down? How are people going to be motivated to use less gas and look for alternatives if it is cheap and getting even cheaper?

    And the counter argument that so many people are completely dependent on gas for their daily work commute isn't really valid. A competent government must be able to find other ways of compensating those that have no alternative, not making gas cheap for everyone.

    1. Salamander

      Well, you're right, but "a competent government" has little to do with the broken and dysfunctional Congress we now endure. I'm working through Dana Milbank's "The Destructionists" and re-living our descent into hell over the last 30 years.

      Thanks a lot, Newt.

  8. Starglider

    The national average price of gasoline was $2.38 per gallon when President Joe Biden assumed office, according to the Energy Information Administration.

    Also, given how much of the current inflation has hit us under his watch, I'm not sure we should be adjusting away that inflation.

    So, yes, the downward trend is nice, but Biden has a way to go yet. And we can't ignore this fact, either, as it then becomes very easy for his competitor in 2024 to as "are you really any better off now than you were 4 years ago?"

    Hopefully Biden can pull it off. I really don't want to see Trump (or a Trump-wannabee) in the WH again.

    1. Jasper_in_Boston

      And we can't ignore this fact, either, as it then becomes very easy for his competitor in 2024 to as "are you really any better off now than you were 4 years ago?"

      I don't think Biden needs gasoline prices to be lower than in January of 2021 to win reelection. They just can't be substantially higher. The electorate will accept a degree of increase in price at the pump if accompanied by:

      A) decent job market;
      B) benign overall inflation picture;
      C) absence of a foreign policy disaster involving large numbers of body bags.

      I think if the peace/prosperity quotient is positive in two years' time, Joe Biden is going to be very difficult to beat. Incumbent presidents usually are.

      (Am I confident those are the conditions that will greet the electorate in November of 2024? Not at all. A lot could happen. And a recession might well still be on its way: I don't think we've dodged that particular bullet yet. And the timing of the arrival of a recession, if one indeed arrives, could be awkward. Three months ago the vibe I got was that we were likely sliding into one relatively soon. That no longer seems to be the case. Which means if a recession does happen on Biden's watch, it could well linger into 2024. Which would be a disaster. And elections nullification remains a strong possibility regardless of what happens with the economy.)

      Happy Thursday!

      1. Starglider

        +1 for pointing out that gas prices aren't the only metric that can screw Biden, but part of a package. Having said that, gas prices are still part of that package, and high prices will make the overall package more difficult to achieve.

        I share your fear about a coming recession. One of the metrics I go by when looking for that is the housing construction market; downturns usually (but not always; nothing is a perfect indicator of the future) indicate a coming recession.

        And the numbers don't look good. Referencing https://www.forbes.com/sites/jonathanponciano/2022/08/16/housing-market-faces-growing-risk-of-multi-year-collapse-as-new-home-construction-craters/ as a source, we could be in for some hard times, and that would be disastrous for keeping Trumpers out of DC.

        1. Jasper_in_Boston

          No, the numbers don't look wonderful. Again, I'm actually a bit more pessimistic for the president's reelection chances than I was at the beginning of this summer, mainly because of timing issues with respect to the business cycle. I'd still bet on Democrats getting a second term, but I'm far from confident.

          (I have no idea how solid the track record of these people is, but they're suggesting around 2.5% GDP growth in 2023, after a managing around 3% this year, but slowing down to 1.9% in 2024. I'd guess that probably translates into a Democratic victory, at least if it means inflation has been tamed. But it would probably be a close affair.)

          https://tradingeconomics.com/united-states/gdp-growth

  10. JohnReed

    But what about diesel? It's still quite high, which has a not-insigificant effect on the price of consumer goods, doesn't it?

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