Gas Prices Projected To Fall In 2024

 

News item:

Gas prices will fall in 2024 for the second year in a row, according to GasBuddy projections shared exclusively with CNN.

GasBuddy, which had a forecast for 2023 that proved to be eerily accurate, expects US gas prices will average $3.38 a gallon in the key election year of 2024.

That would represent a significant improvement from 2023’s average of $3.51 a gallon and an even bigger drop from 2022’s average of $3.95. Gas prices skyrocketed to record highs that year as Russia’s invasion of Ukraine set off global shockwaves.

Even though the Russia-Ukraine war lingers and there is a risk the Israel-Hamas war spills into a regional conflict, GasBuddy is betting drivers will get more relief in 2024. GasBuddy expects Americans will spend about $32 billion less on fuel than in 2023 and $79 billion less than in 2022.

“Next year should represent a continued march towards what most Americans would consider normal prices at the pump,” Patrick De Haan, GasBuddy’s head of petroleum analysis, told CNN in a phone interview...

One big reason?  It's one that exposes one particular Republican lie about the Biden Administration:

The United States is on pace to pump more oil than any country on record, according to S&P Global Insights.

Blockbuster US oil production worries climate scientists and undermines the argument that President Joe Biden has waged a war on US energy. It also provides a cushion for consumers against a dangerous world that is seemingly just one headline away from spiking gas prices.

“The US producing record amounts of crude oil translates to lower risk,” De Haan said.

Yes, it worries us too that producing more oil is going to contribute to the global climate crisis. That's a huge downside, and we hate to add a "but," but when you're trying to get through an unstable political year where the health of the economy may play into whether or not American democracy is lost, it might be a case of a short- term loss for a longer- term gain.  Of course, there are other factors at play, and global instability might throw the projections out the window sooner rather than later.  And there's always the "feels" rather than "is" voters.  But we'll take this mixed bag for now.

(Image: credit WQCS/NPR, Florida)

This Must Be Bad News For Biden (UPDATED)

 

Gas prices:

In a gift to American shoppers this holiday season, gasoline prices have dropped for 61 consecutive days after getting dangerously close to $4 a gallon in September.

The average price for a gallon of regular gas stood at $3.25 a gallon on Tuesday, according to AAA. That’s down five cents from a week ago and 26 cents from a month ago.

Gas prices have now fallen every day since the peak on September 18, AAA data shows. The streak is a victory for consumers, saving them extra cash just in time for the crucial holiday shopping season.

Americans are particularly sensitive to shifts in prices at the pump as they are highly visible and largely unavoidable.

“Gasoline prices are so in-your-face. This is a clear tailwind for consumer spending,” said Tom Kloza, global head of energy analysis at the Oil Price Information Service...

Falling gas prices are only to the credit of Republican Presidents, so checkmate, libs!

Consumer confidence:

After declining for three straight months, American consumer confidence ticked up in November as the all-important holiday shopping season kicks into high gear.

The Conference Board, a business research group, said Tuesday that its consumer confidence index rose to 102 this month from 99.1 in October. Analysts were expecting a reading of 101. The October reading was revised down from an original reading of 102.6.

The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.

The main index was boosted by respondents whose outlook for the next six months improved.  [snip]

... Still, about two-thirds of those surveyed still expect a downturn before the end of 2024...

Don't worry, though.  With Republicans and their news media boosters constantly chirping on their "bad economy" narrative, consumers' irrational fears of a recession will dog Biden and Democrats through next year's election!  Checkmate, democracy!

UPDATE:

US economic growth was even stronger in the third quarter than previously estimated, underscoring the economy’s remarkable resilience in the face of elevated inflation and high borrowing costs earlier this year.

Gross domestic product, the broadest measure of economic output, rose at an annualized rate of 5.2% from July through September, according to the Commerce Department’s second estimate, released Wednesday morning. GDP is adjusted for inflation and seasonal swings.

Wednesday’s latest reading reflects an even faster pace of growth than the blistering 4.9% rate the department initially estimated. It factors in greater business investment, government outlays, residential investment and inventory growth...

Suck it, Dims!

 

Consumer Confidence Heading Up Going Into Mid-Terms

Reality is undercutting yet another Republican election theme:

Consumer sentiment, which hit rock bottom in June, has begun inching up in recent weeks. Gas prices are down. Decades-high inflation appears to be easing. And at the same time, Americans are making small changes — buying meat in bulk, for example, or shifting more of their shopping to discount chains — suggesting that many families are learning to deal with higher prices.

“While consumer sentiment is still fairly low by historic standards, we’re starting to see pretty dramatic improvements,” said Joanne W. Hsu, an economist at the University of Michigan and director of its closely watched consumer surveys. “It’s very much being driven by a slowdown in inflation, particularly with the decline in gas prices.”  [snip]

Although inflation is still a top priority for U.S. voters in the run-up to the midterm elections, the share of Americans who say it is their biggest concern has fallen. Some 30 percent of Americans say rising prices are their No. 1 voting issue, down from 37 percent in July, according to a new NPR/PBS NewsHour/Marist poll.

(click on graph to enlarge)

Somehow, someway this must be "bad news for Biden and the Democrats." Work that narrative, media!

Coming To A Gas Station Near You

 

News item:

Drivers have something to smile about: A historic drop in gasoline prices.

The national average for a gallon of regular gas has dropped every single day since soaring to a record high of $5.02 a gallon on June 14, according to AAA.

 

This 70-day streak of falling prices at the pump is the second longest on record going back to 2005, Bespoke Investment Group noted in a report titled "The Great American Summer of Falling Gas Prices."

 

The national average for regular gas dipped on Tuesday to $3.89 a gallon, down from $4.38 a month ago.  (our emphasis)

Someone with communications savvy at the Democratic Party is taking advantage of the good news:

By now, we’ve all heard and read about how gas prices are tumbling in the U.S. So there’s no need for me to cite the evidence that, in fact, they are falling at the fastest rate ever.

More unbelievable is that the Democratic Party has put out a brilliant ad campaign. About ANYTHING. But lo and behold, my wife came back from the gas station yesterday where she saw a Dem ad on the little TV screen at the pump — talking about how much gas prices have plunged under Joe Biden!

Wow! In this day and age of targeted advertising to niche groups on social media, the Dems have placed an ad where EVERYONE, regardless of political affiliation, will be reminded that gas prices are in fact falling, while Joe Biden (D) is President. It’s part of a seven-figure nationwide ad campaign to blanket media outlets, including...gas stations?!?!?

Average driver drives up to pump; notices that gas prices are WAY down from a few weeks ago; begins pumping; sees ad verifying that gas prices have indeed fallen; see picture of Joe Biden smiling.

Brilliant.

Indeed.  Stay smart and on the offensive.