When the price of gasoline goes up, it's all over the news. When the price of gasoline goes down, crickets. Guess what?
Yep, the price of gasoline has gone down for the past couple of weeks. And just like that, it's suddenly out of the news.
Of course, it didn't help that the EIA website has been down. It was still down on Monday, but when I checked today EIA said they were "continuing to restore our systems." I'm still not sure just what happened to take them down for so long, but at least the price of gasoline is back.
Well, if it bleeds it leads.
should cause a dip in goods inflation in July not sure about service sector cpi that's sticky. Nice watermark in the right corner !
Not here. Same price it was two weeks ago. Hasn't budged.
Yep, juts filled up my tank and it was about 50 cents a gallon less than the last time I did it which was almost exactly 2 weeks ago
Here in VT, the price of gas has backed down from the 4.99/gal it was a week ago to 4.79 or a little less. Coincidentally (or not) the price of a cup of coffee at the local chain convenience stores is also down about 20 cents from the price it shot up to about a week ago.
I'd worry about what they are putting in the coffee.
5.13 to 4.57 here. Speculation really drove that in May. Past Prime driving season and increased capacity is likely going to create a gap down the 2nd half of summer.
4.79 to 4.69 at Holiday stations, but 4.79 at Casey's. Who knows.
Yes, I've been noting the decline here in Albuquerque along Montgomery Blvd all week. (No, I don't get out very far.) Prices are down significantly. But it still cost $46 to fill up, and I was running on empty by then... This Corolla is great, yet my next vehic will be an electric.
I'd speculate that aside from the issue that bad news is more salient than good news, the fact that gas prices fall slower during good times than they rise during bad also has something to do with the imbalanced coverage. Prices rarely crater, and it seems like it's more noted when they do. Such as when gas prices fell following the 2008 crash or during the 2020 lockdowns. Of course those were also covered as bad things.
How will electric cars affect the price of gasoline?
As they become more widespread the demand for gas will be lower making it less profitable, so does the price go up or down?
Down would act to preserve the market, but up would suck out as much money as they can while they can get away with it, so I'm betting on up.
In fact this up might be starting now while they think they can still hide it under cover of all these other headlines.
I don't think it's allowed to post links here, but there's an old Anne Murray song "A Little Good News" where she suggests that the papers report things like, "Nobody robbed a liquor store in the lower part of town . . . ." That's not how the news media operates.
Our media sucks.
(In general.)
Nobody who buys gas needs a news report to know that the price has dropped. My friends and I have all been discussing said drop without any help from the media.
That said, yes, they should report price drops if they have reported price increases.