Got $2.99/g gas in connecticut this past weekend

[SHUSA]

wonder when the last time that happened was? was a nice surprise over the holidays. wondering if its a sing of anything.

 

[shu09]

Got $2.83 in NJ about 10 days ago. Looks like it has gone up a bit since.

 

[TheHall87]

I've done better by a few cents in CT. I think I paid $2.97 near Danbury last week.

Paid $2.95 in Mahwah, NJ after the UConn game last week though I've seen for as low as $2.89 in my travels to and from games.

 

[sami]

Finally found something that backed up what I saw at an industry conference. Adjusted for inflation, gas prices over the last few years have been cheaper than previous decades. Going back to the 70s and adjusted for inflation, $4 gas is the norm, not an anomaly.

Gasoline Prices Adjusted for Inflation | US Inflation Calculator

Gasoline prices are often very volatile with sharp swings in what American pay at the pump. The average price of gasoline dropped nearly 17% in 2020.

www.usinflationcalculator.com

 

[SHUSA]

Finally found something that backed up what I saw at an industry conference. Adjusted for inflation, gas prices over the last few years have been cheaper than previous decades. Going back to the 70s and adjusted for inflation, $4 gas is the norm, not an anomaly.

Gasoline Prices Adjusted for Inflation | US Inflation Calculator

Gasoline prices are often very volatile with sharp swings in what American pay at the pump. The average price of gasoline dropped nearly 17% in 2020.

www.usinflationcalculator.com

i was thinking this, gas is the one thing that's actually cheaper now which is insane.

 

[SHUSA]

Got $2.83 in NJ about 10 days ago. Looks like it has gone up a bit since.

$2.83 is crazy. probably early/mid 2000s pricing

 

[shu09]

$2.83 is crazy. probably early/mid 2000s pricing

Not quite.....

Gas was considerably lower than 2.83 from 2015-2020.

 

[sami]

Not quite.....

Gas was considerably lower than 2.83 from 2015-2020.

Yes, and inflation adjusted it was just north of $4…

I know it’s impossible to suspend disbelief for a moment, but maybe, just maybe, the artificially deflated interest rates through the Trump presidency followed by Covid led to a year of significant inflation that was a catch up?

The economy was very strong pre-Covid. Interest rates should have been rising but the Fed was reluctant to move higher. Was that influenced by Trump’s rhetoric? Can be argued. But even if it was just a massive screw up by the Fed, the facts are pretty much there that the Fed was late to act on raising rates when they should have been 2016-2019.

 

[SHUSA]

Not quite.....

Gas was considerably lower than 2.83 from 2015-2020.

i was in nyc without a car at that time. i still find that shocking. was there any reason it was so low?

 

[shu09]

i was in nyc without a car at that time. i still find that shocking. was there any reason it was so low?

Pre-covid, pre-inflation.

U.S. Regular All Formulations Retail Gasoline Prices (Dollars per Gallon)

 

[cernjSHU]

Yes, and inflation adjusted it was just north of $4…

I know it’s impossible to suspend disbelief for a moment, but maybe, just maybe, the artificially deflated interest rates through the Trump presidency followed by Covid led to a year of significant inflation that was a catch up?

The economy was very strong pre-Covid. Interest rates should have been rising but the Fed was reluctant to move higher. Was that influenced by Trump’s rhetoric? Can be argued. But even if it was just a massive screw up by the Fed, the facts are pretty much there that the Fed was late to act on raising rates when they should have been 2016-2019.

When Trump took office on Jan 2017, gas was at $2.34. During the Trump years pre-Covid, gas bounced from $2.40 to $2.90. In 2019. gas prices ranged from $2.25 to $2.86. https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epmr_pte_nus_dpg&f=m

Covid hits and demand drops, so prices go low. Currently, According to the eia, avg price of gas is $3.13. It keeps dropping and I see sub $3.00 gas quite frequently. There is approximately a .20 difference from the peak Trump years to current average.

Remember Trump got help with these gas prices. He got the Saudis to increase production in 2018. https://www.theguardian.com/world/2018/jun/30/trump-saudi-arabia-oil-production-iran-venezuela

Then Trump convinced OPEC to cut production during CoVid. https://www.reuters.com/article/idUSKBN22C1V3/

Now despite OPEC not going back to pre-pandemic oil production and actually cutting production 4 times in the past 2 years, gas prices are marginally higher in the US. Probably because US production hit an all time high this year.

 

[SHUSA]

When Trump took office on Jan 2017, gas was at $2.34. During the Trump years pre-Covid, gas bounced from $2.40 to $2.90. In 2019. gas prices ranged from $2.25 to $2.86. https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epmr_pte_nus_dpg&f=m

Covid hits and demand drops, so prices go low. Currently, According to the eia, avg price of gas is $3.13. It keeps dropping and I see sub $3.00 gas quite frequently. There is approximately a .20 difference from the peak Trump years to current average.

Remember Trump got help with these gas prices. He got the Saudis to increase production in 2018. https://www.theguardian.com/world/2018/jun/30/trump-saudi-arabia-oil-production-iran-venezuela

Then Trump convinced OPEC to cut production during CoVid. https://www.reuters.com/article/idUSKBN22C1V3/

Now despite OPEC not going back to pre-pandemic oil production and actually cutting production 4 times in the past 2 years, gas prices are marginally higher in the US. Probably because US production hit an all time high this year.

US oil production hits record under biden? how come i haven't heard any mention from the people here who have been calling for less reliance on foreign oil?