Unprecedented plunge in Fourth of July gas prices

[citygator]

Lower gas prices are everywhere for the big travel weekend for the 4th of July. This is good news for Americans and good news for the Biden administration as this time of year is typically peak gas pricing for the year. Even lower prices are in the future. Bidenomics taking root. : )

Fourth of July gas prices take an almost unprecedented plunge | CNN Business

And yet gasoline prices are much lower. The national average for regular gasoline dipped to $3.55 a gallon on Thursday, according to AAA. A year ago, a gallon of regular sold for an average of $4.87 a gallon. That kind of price drop is almost unprecedented.

During the week ending June 26, the average gas price was $3.57 a gallon, according to the US Energy Information Administration. That’s down by $1.30, or 27%, from the same period last year.

This is the second-biggest one-year price drop in the week before the Fourth of July since EIA data began 33 years ago, according to John LaForge, who leads real asset strategy for the Wells Fargo Investment Institute. The only bigger 12-month drop occurred during a historic downturn: the Great Recession. Gas prices plunged by $1.45 a gallon, or 35%, between June 30, 2008 and June 29, 2009.

 

[White 6]

Lower gas prices are everywhere for the big travel weekend for the 4th of July. This is good news for Americans and good news for the Biden administration as this time of year is typically peak gas pricing for the year. Even lower prices are in the future. Bidenomics taking root. : )

Fourth of July gas prices take an almost unprecedented plunge | CNN Business

And yet gasoline prices are much lower. The national average for regular gasoline dipped to $3.55 a gallon on Thursday, according to AAA. A year ago, a gallon of regular sold for an average of $4.87 a gallon. That kind of price drop is almost unprecedented.

During the week ending June 26, the average gas price was $3.57 a gallon, according to the US Energy Information Administration. That’s down by $1.30, or 27%, from the same period last year.

This is the second-biggest one-year price drop in the week before the Fourth of July since EIA data began 33 years ago, according to John LaForge, who leads real asset strategy for the Wells Fargo Investment Institute. The only bigger 12-month drop occurred during a historic downturn: the Great Recession. Gas prices plunged by $1.45 a gallon, or 35%, between June 30, 2008 and June 29, 2009.

The people paying $3.55 are getting ripped off.

 

[pknopp]

The issue is it never should have went as high as it did to start with. If one wants me to give Biden credit for anything, I will when he addressed the abuses in the markets.

 

[citygator]

The people paying $3.55 are getting ripped off.
View attachment 800234

$3.20 here in NC but right across the border in SC its $2.90.

 

[okfine]

 

[boedicca]

Reality: The Feds printed a ton-o-Covidbucks causing spike in inflation. Prices are coming down because the money printing press has slowed. Today, gas prices are still far higher than they were in 2019 (I'm excluding the low prices of 2020 due to the Covid lockdown recession).

 

[JustAnotherNut]

Now this is funny.......since there's already a thread about 9 states gas prices going up in July

Gas Taxes Just Went Up In These States. See If Your State Is On The List

Travelers hitting the road for the Fourth of July holiday weekend may have to shell out more at the pump than they’d planned for. As of July 1, nine states have increased the taxes they collect on each gallon of fuel. Three are imposing new taxes on electric vehicle charging stations. Gas pric

www.forbes.com

and WA is now the highest gas prices in the nation at just under $5....

MSN

 

[Lastamender]

Lower gas prices are everywhere for the big travel weekend for the 4th of July. This is good news for Americans and good news for the Biden administration as this time of year is typically peak gas pricing for the year. Even lower prices are in the future. Bidenomics taking root. : )

Fourth of July gas prices take an almost unprecedented plunge | CNN Business

And yet gasoline prices are much lower. The national average for regular gasoline dipped to $3.55 a gallon on Thursday, according to AAA. A year ago, a gallon of regular sold for an average of $4.87 a gallon. That kind of price drop is almost unprecedented.

During the week ending June 26, the average gas price was $3.57 a gallon, according to the US Energy Information Administration. That’s down by $1.30, or 27%, from the same period last year.

This is the second-biggest one-year price drop in the week before the Fourth of July since EIA data began 33 years ago, according to John LaForge, who leads real asset strategy for the Wells Fargo Investment Institute. The only bigger 12-month drop occurred during a historic downturn: the Great Recession. Gas prices plunged by $1.45 a gallon, or 35%, between June 30, 2008 and June 29, 2009.

Not around here. Stop ******* lying.

 

[Magnus]

Lower gas prices are everywhere for the big travel weekend for the 4th of July. This is good news for Americans and good news for the Biden administration as this time of year is typically peak gas pricing for the year. Even lower prices are in the future. Bidenomics taking root. : )

Fourth of July gas prices take an almost unprecedented plunge | CNN Business

And yet gasoline prices are much lower. The national average for regular gasoline dipped to $3.55 a gallon on Thursday, according to AAA. A year ago, a gallon of regular sold for an average of $4.87 a gallon. That kind of price drop is almost unprecedented.

During the week ending June 26, the average gas price was $3.57 a gallon, according to the US Energy Information Administration. That’s down by $1.30, or 27%, from the same period last year.

This is the second-biggest one-year price drop in the week before the Fourth of July since EIA data began 33 years ago, according to John LaForge, who leads real asset strategy for the Wells Fargo Investment Institute. The only bigger 12-month drop occurred during a historic downturn: the Great Recession. Gas prices plunged by $1.45 a gallon, or 35%, between June 30, 2008 and June 29, 2009.

An inflation gauge tracked by the Federal Reserve falls to its lowest point in 2 years​

WASHINGTON (AP) — An inflation index that is closely monitored by the Federal Reserve tumbled last month to its lowest level since April 2021, pulled down by lower gas prices and slower-rising food costs.

At the same time, consumers barely increased their spending last month, boosting it just 0.1%, after a solid 0.6% gain in April.

The inflation index showed that prices rose 3.8% in May from 12 months earlier, down sharply from a 4.4% year-over-year surge in April. And from April to May, prices ticked up just 0.1%.

An inflation gauge tracked by the Federal Reserve falls to its lowest point in 2 years

An inflation index that is closely monitored by the Federal Reserve tumbled last month to its lowest level since April 2021, pulled down by lower gas prices and slower-rising food costs.

apnews.com

Let's Go, Brandon!!!

 

[citygator]

An inflation gauge tracked by the Federal Reserve falls to its lowest point in 2 years​

WASHINGTON (AP) — An inflation index that is closely monitored by the Federal Reserve tumbled last month to its lowest level since April 2021, pulled down by lower gas prices and slower-rising food costs.

At the same time, consumers barely increased their spending last month, boosting it just 0.1%, after a solid 0.6% gain in April.

The inflation index showed that prices rose 3.8% in May from 12 months earlier, down sharply from a 4.4% year-over-year surge in April. And from April to May, prices ticked up just 0.1%.

An inflation gauge tracked by the Federal Reserve falls to its lowest point in 2 years

An inflation index that is closely monitored by the Federal Reserve tumbled last month to its lowest level since April 2021, pulled down by lower gas prices and slower-rising food costs.

apnews.com

Let's Go, Brandon!!!

Was going to make a thread on this separate news from gas prices but you beat me to it posting. Maybe it’s already up somewhere. This is great news for Americans but terrible news for Russia trolls on USMB.

 

[citygator]

Got to say the gas was cheap in Tenn the other day as I passed through it. Also got some kick ass jerky from…

 

[bigrebnc1775]

Not around here. Stop ******* lying.

Joey was the nut who claimed gas was dropping everywhere. So I took a drive and showed him he was wrong.

 

[Oddball]

The people paying $3.55 are getting ripped off.
View attachment 800234

The people paying $2.75 are getting ripped off.

 

[Oddball]

Got to say the gas was cheap in Tenn the other day as I passed through it. Also got some kick ass jerky from…

View attachment 800240

Gas has always been cheaper in Dixie.

You obviously don't get out much.

 

[CrusaderFrank]

Lower gas prices are everywhere for the big travel weekend for the 4th of July. This is good news for Americans and good news for the Biden administration as this time of year is typically peak gas pricing for the year. Even lower prices are in the future. Bidenomics taking root. : )

Fourth of July gas prices take an almost unprecedented plunge | CNN Business

And yet gasoline prices are much lower. The national average for regular gasoline dipped to $3.55 a gallon on Thursday, according to AAA. A year ago, a gallon of regular sold for an average of $4.87 a gallon. That kind of price drop is almost unprecedented.

During the week ending June 26, the average gas price was $3.57 a gallon, according to the US Energy Information Administration. That’s down by $1.30, or 27%, from the same period last year.

This is the second-biggest one-year price drop in the week before the Fourth of July since EIA data began 33 years ago, according to John LaForge, who leads real asset strategy for the Wells Fargo Investment Institute. The only bigger 12-month drop occurred during a historic downturn: the Great Recession. Gas prices plunged by $1.45 a gallon, or 35%, between June 30, 2008 and June 29, 2009.

Shifting sea floor causes Titanic to rise 1 foot higher!

 

[HereWeGoAgain]

The people paying $3.55 are getting ripped off.
View attachment 800234

That would depend on where they live.
Washington State now holds the highest price for a gallon of gas.
The high prices are generally caused by high taxes.

 

[White 6]

That would depend on where they live.
Washington State now holds the highest price for a gallon of gas.
The high prices are generally caused by high taxes.

That does not surprise me a bit.

 

[miketx]

Lower gas prices are everywhere for the big travel weekend for the 4th of July. This is good news for Americans and good news for the Biden administration as this time of year is typically peak gas pricing for the year. Even lower prices are in the future. Bidenomics taking root. : )

Fourth of July gas prices take an almost unprecedented plunge | CNN Business

And yet gasoline prices are much lower. The national average for regular gasoline dipped to $3.55 a gallon on Thursday, according to AAA. A year ago, a gallon of regular sold for an average of $4.87 a gallon. That kind of price drop is almost unprecedented.

During the week ending June 26, the average gas price was $3.57 a gallon, according to the US Energy Information Administration. That’s down by $1.30, or 27%, from the same period last year.

This is the second-biggest one-year price drop in the week before the Fourth of July since EIA data began 33 years ago, according to John LaForge, who leads real asset strategy for the Wells Fargo Investment Institute. The only bigger 12-month drop occurred during a historic downturn: the Great Recession. Gas prices plunged by $1.45 a gallon, or 35%, between June 30, 2008 and June 29, 2009.

Uh oh. They're fixing to drop a bomb.

 

[Oddball]

That would depend on where they live.
Washington State now holds the highest price for a gallon of gas.
The high prices are generally caused by high taxes.

Only Fornicalia has a higher State fuel tax.....The most oppressive sales taxes I've ever endured have been in Seattle.

 

[Harpy Eagle]

Now this is funny.......since there's already a thread about 9 states gas prices going up in July

Gas Taxes Just Went Up In These States. See If Your State Is On The List

Travelers hitting the road for the Fourth of July holiday weekend may have to shell out more at the pump than they’d planned for. As of July 1, nine states have increased the taxes they collect on each gallon of fuel. Three are imposing new taxes on electric vehicle charging stations. Gas pric

www.forbes.com

and WA is now the highest gas prices in the nation at just under $5....

MSN

Due to state taxes, did you even read your own link?