Where do we expect gas prices to be later this month, now that election is over?

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Where do you see gas prices heading one month after election day?

  • going lower

    Votes: 22 59.5%
  • up 25c

    Votes: 3 8.1%
  • up 50c

    Votes: 3 8.1%
  • up 75c

    Votes: 3 8.1%
  • up $1.00+

    Votes: 6 16.2%

  • Total voters
    37
  • Poll closed .

dullard

Elite Member
May 21, 2001
24,870
3,194
126
I gotta admit, I always thought of the strategic reserves as more of a doomsday tool...IE... what we use to supply our military and infrastructure if shit really went sideways.

I never thought of it as a way of manipulating oil markets. That's pretty impressive honestly.
As long as we don't pump all our oil out of the ground, and then burn it for pointless reasons, we will always have plenty in reserve for doomsday events. It is in our ground.
 
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akugami

Diamond Member
Feb 14, 2005
5,618
1,800
136
The US really should have a decent size refined products reserve also since hurricanes and other increasingly extreme weather pose a substantial threat to a large chunk of the nation's refinery capacity. It could also be used to moderate other weather, trade, or economic supply disruptions preventing price spikes. It's been proposed a few times but I don't think the government ever did anything with it.

A well designed community would drastically reduce the impact of fossil fuels AND resistant to bad weather conditions. Just look at Babcock Ranch in Florida. They were practically at the eye of the storm in hurricane Nicole, and yet came out just fine while surrounding communities were wrecked. Green energy, and forward thinking, FTW.
 
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K1052

Elite Member
Aug 21, 2003
45,452
31,804
136
A well designed community would drastically reduce the impact of fossil fuels AND resistant to bad weather conditions. Just look at Babcock Ranch in Florida. They were practically at the eye of the storm in hurricane Nicole, and yet came out just fine while surrounding communities were wrecked. Green energy, and forward thinking, FTW.

I don't think these things are mutually exclusive. Microgrids that can island in the event of disruption are certainly going to be attractive to a lot of users and they're now coming into reach as costs decline. I'm eager to see the demise of most fossil fuels for transportation use however it's going to take a bit and avoiding major supply and price disruptions is necessary policy in the interim IMO.
 

akugami

Diamond Member
Feb 14, 2005
5,618
1,800
136
I don't think these things are mutually exclusive. Microgrids that can island in the event of disruption are certainly going to be attractive to a lot of users and they're now coming into reach as costs decline. I'm eager to see the demise of most fossil fuels for transportation use however it's going to take a bit and avoiding major supply and price disruptions is necessary policy in the interim IMO.

Agreed, which is why I put forward thinking as part of my comment. The success of Babcock Ranch wasn't just the localized solar energy farm, it was forward thinking design like burying critical infrastructure like power cables to reduce the effect of hurricane force winds breaking power lines.

Just like how France recently passed requirements that parking lots with 80+ parking spaces are required to be covered by solar panels. It's a good use of space that does not detract from the original purpose of the space, and does something good at the same time. We're seeing similar with some farms putting solar panels above crops that are not as heat tolerate and prefer shade. It helps the food crops grown, and generates electricity which is another source of revenue for farmers.

Forward thinking design such as these examples will drastically reduce our dependency on fossil fuels.
 

dullard

Elite Member
May 21, 2001
24,870
3,194
126
Looks like oil prices hit a 1-year low today. It is quite close to the $67/barrel to $72/barrel price at which Biden intends to buy back the strategic reserve. That means since Biden sold oil in the $80+/barrel range and will buy at ~$70/barrel, the US will have gained hundreds of millions of dollars from this move (maybe billions). Has anyone done precise calculations as to how much revenue the strategic oil reserve selling raised?
 

dullard

Elite Member
May 21, 2001
24,870
3,194
126
One day to go. So far all states are down in regular gas prices. The biggest drops were in the rust belt swing states (up to 86.8 cents per gallon dropped). We'll see how this ends up tomorrow with the following link.
 
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Mar 11, 2004
22,967
5,410
146
There's some weird stuff going on with prices here. They're down, but some seem to have gone back up a lot. Literally a block apart in areas of Phoenix there's almost $1 difference in price. Most had dropped to $4 or below, with some getting down to around $3.50, but couple of nights ago saw some back to ~$4.49. But then literally a block away a different one would be $3.55.
 

MrSquished

Lifer
Jan 14, 2013
20,481
19,056
136
You mean the Red Ripple?

I mean it had to be the Republicans that are responsible for any price reductions we all know that. We know Biden has that dial in his office that controls gas prices and since he hates the American people, he always keeps it dialed up duh
 
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manly

Lifer
Jan 25, 2000
10,691
1,852
126
There's some weird stuff going on with prices here. They're down, but some seem to have gone back up a lot. Literally a block apart in areas of Phoenix there's almost $1 difference in price. Most had dropped to $4 or below, with some getting down to around $3.50, but couple of nights ago saw some back to ~$4.49. But then literally a block away a different one would be $3.55.
I don't know how fuel prices go in PHX metro, but wide pricing ranges are completely common in L.A. metro. If you've seen pump prices of $7+ this summer on news segments from SoCal, the news teams are seeking out the outliers to make prices seem more outrageous. Remember most gas stations are independently owned and operated, and gas itself is a loss leader. (This is incredibly sad considering how much profit producers are making.) Most stations have somewhat similar pump prices, and the business profit is dependent on the consumer walking inside and buying snacks.

But some stations don't subscribe to this fuel pricing model, and they'll price their gas much higher than the norm. This is particularly common if the station is right off the freeway and there isn't a competitor on the same intersection. There was an infamous ARCO (a large Cali oil company, but not top tier fuel) station locally that consistently charged nearly $2 above prevailing prices a few years ago. Article is unfortunately paywalled:

https://www.dailybreeze.com/2015/03...drops-pump-prices-140-a-gallon-after-article/

Some motorists wait until their gas tank is nearly empty, and they'll pump fuel at the first station they see without any awareness of what average prices are like.
 
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pete6032

Diamond Member
Dec 3, 2010
7,410
2,971
136
Do we need to send out a search party for the OP?
I was going to post about this but most of the articles I've read suggest that prices are down due to fear of a recession in the future. OP could make some generalized argument that Biden's policies are driving this uncertainty bla bla bla. Really the OP could fault Biden regardless of what happened to gas prices. If they went up he would blame Biden, if they went down it would be Biden's fault too.
 
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brycejones

Lifer
Oct 18, 2005
25,724
23,374
136
I was going to post about this but most of the articles I've read suggest that prices are down due to fear of a recession in the future. OP could make some generalized argument that Biden's policies are driving this uncertainty bla bla bla. Really the OP could fault Biden regardless of what happened to gas prices. If they went up he would blame Biden, if they went down it would be Biden's fault too.

The truth being the President has very little control over gas prices going up or down. But the OP also never addressed his claims about SPR being empty being refuted or other misstatements of fact he made. Its almost like this thread wasn't started in good faith.
 

pete6032

Diamond Member
Dec 3, 2010
7,410
2,971
136
The truth being the President has very little control over gas prices going up or down. But the OP also never addressed his claims about SPR being empty being refuted or other misstatements of fact he made. Its almost like this thread wasn't started in good faith.
Yep, exactly
 

dullard

Elite Member
May 21, 2001
24,870
3,194
126
Prices of gas per gallon of regular one month after the election. Posted here to preserve the record. https://gasprices.aaa.com/top-trends/?filter[average]=month&filter[region]=st&filter[by]=biggest&filter[fuel]=unleaded

RankStatePrice on 11/8/2022Price TodayDifference in Price
1Michigan$4.193$3.312down $0.881
2Wisconsin$3.811$2.942down $0.869
3Indiana$4.178$3.330down $0.848
4California$5.452$4.621down $0.831
5Oregon$4.833$4.069down $0.764
6Illinois$4.292$3.549down $0.743
7Alaska$4.743$4.008down $0.735
8Ohio$3.853$3.164down $0.689
9Washington$4.821$4.178down $0.643
10Nevada$4.960$4.352down $0.608
11Delaware$3.878$3.279down $0.599
12Montana$3.886$3.328down $0.558
13Oklahoma$3.381$2.824down $0.557
14North Dakota$3.654$3.137down $0.517
15Arizona$4.258$3.762down $0.496
16Wyoming$3.712$3.218down $0.494
17Iowa$3.543$3.059down $0.484
18Missouri$3.366$2.886down $0.480
19Kentucky$3.498$3.038down $0.460
20Colorado$3.508$3.058down $0.450
21Minnesota$3.607$3.163down $0.444
22Kansas$3.399$2.962down $0.437
23New Jersey$3.950$3.515down $0.435
24Maryland$3.773$3.351down $0.422
25South Dakota$3.660$3.247down $0.413
26Texas$3.174$2.761down $0.413
27Idaho$4.291$3.881down $0.410
28New Mexico$3.545$3.143down $0.402
29Utah$4.091$3.694down $0.397
30Arkansas$3.259$2.871down $0.388
31Tennessee$3.304$2.918down $0.386
32Louisiana$3.261$2.912down $0.349
33Nebraska$3.479$3.130down $0.349
34Alabama$3.309$2.971down $0.338
35Rhode Island$3.866$3.532down $0.334
36Connecticut$3.785$3.457down $0.328
37Florida$3.525$3.211down $0.314
38Mississippi$3.215$2.901down $0.314
39South Carolina$3.310$2.998down $0.312
40New Hampshire$3.804$3.494down $0.310
41Maine$3.952$3.649down $0.303
42Virginia$3.497$3.196down $0.301
43Vermont$3.988$3.688down $0.300
44North Carolina$3.382$3.104down $0.278
45West Virginia$3.612$3.342down $0.270
46Pennsylvania$4.093$3.827down $0.266
47Massachusetts$3.863$3.609down $0.254
48New York$3.891$3.653down $0.238
49Georgia$3.127$2.926down $0.201
50District of Columbia$3.810$3.611down $0.199
51Hawaii$5.209$5.173down $0.036
 

hal2kilo

Lifer
Feb 24, 2009
23,107
10,048
136
Damn, checking gasbuddy, seems diesel has finally dropped below $5 a gal @ Costco (4.87). At the same time I see that the "tribal/casino" gas stations are way down in the low 4's now. Going to skip Costco until things settle back down. It's happened before.
 

dullard

Elite Member
May 21, 2001
24,870
3,194
126
I'll admit, I'm very surprised - I really thought it would go up quite a bit, especially when I had heard that Opec+ would cut production in mid November....
There are two key factors in gas prices. Oil production and OPEC is one of the factors. However, the price of oil is actually the smaller of the two factors. The bigger factor is how much of that oil is turned into gasoline. Gasoline refining is down roughly 11% since the pandemic hit. If you look at the graph in the link below, finished gasoline was roughly 50 million barrels/month in the years 2015 to the end of 2019. Since the pandemic hit we have averaged under 43 million barrels/month. But in 2022, we averaged only 42.2 million barrels/month.

The low production of gasoline has had a way bigger impact on gas prices than the oil price increase. For one example, back in the year 2010 when oil was about the same price as it is today, the price of gas was well under $3. There are similar examples too showing that the low level of gas refining is the real culprit.

 

iRONic

Diamond Member
Jan 28, 2006
6,717
1,971
136
I'll admit, I'm very surprised - I really thought it would go up quite a bit, especially when I had heard that Opec+ would cut production in mid November....
As long as you’re admitting stuff…

Care to explain why you posted a lie that:

“that Biden has pretty much exhausted the strategic oil reserve in an attempt to artifically keep the price of gasoline down until after election day,”
 
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