The price of gasoline is still going down:
But it was only down a nickel last week. That's half its average decline since the June peak, so things might be slowing down. The price of oil has been flat for the past few weeks, so it would make sense if the price of gasoline started to flatten out too.
So it really was all caused by the war in Ukraine. That, and the normal summer driving season. Maybe a little of a refining capacity crunch.
Until the fall builds start and the next gap down occurs. A market that refuses reality needs terminated.
Some of the gaps between prices in the supply chain sure were persistent, and of course were actively managed.
We'll have to wait and see what we can figure out from the 10Ks, but I would be very surprised if we don't see above-trend profits.
The pricing is really all over the place
WalMart (Murphy USA) varies by a few cents just 6 miles apart here in Wilmington. The Murphy station in New Bern is like $0.40/gal cheaper. And in SC it's cheaper still.
This cannot be explained away by state tax differences
They are practicing regional pricing. It's whatever the market will bear
In part--there's also available refining capacity for a given market. I remember a number of years ago a gasoline pipeline broke and had to be shut down, causing a regional price spike.
Cue the GQPers comparing the continued untenably high prices under joebiden to the phenomenally low prices under El Jefe in April 2020.
That was also when the Right loved Dr. Fauci (even if leading broadcast & Internet light of the ULTRAMAGA movement KKKlay Travis* has memoryholed that).
*KKKlay really should get more shit for being an algore2000 campaign volunteer turned Trump ultra. He even admits he is the only person in America to be on the losing end of two stolen elections.
The price per gallon of regular in Albuquerque along my morning route has stayed at $3.18.9 for nearly a week now. Prior to that, it was $3.19.9 for about a week. So far, it's the new normal.
It's dropped a nickel here in Delaware since last week, so right according to Kevin's schedule.
A disturbing update, Wednesday: both these gas stations have upped their prices from $3.18.9 to $3.78.9 over night. Chevron holding at $3.79.9.
We're closing in on pre-pandemic prices (inflation adjusted)
US crude oil production fell in 2020 and 2021--not sure what it's doing in 2022.