I had a long discussion with a friend yesterday about Gas Prices.
To me, it seems like Biden is right now artificially lowering gas prices to lower the temperature on everyone leading up to the midterms. I was paying 4.75 a gallon weeks ago and this morning I found gas for 3.35. I also noticed food this morning is lower. I did my normal monthly shopping and everything was about 50% less than it was weeks ago.
Anyone else think they're just dropping prices leading up to November?
From what I understand Biden is releasing something like a million barrels a day from the strategic petroleum reserve, thereby artificially flooding the market with oil just as if the US was producing more. That'll probably last until the election and once it stops the gas prices will shoot back up.
Exactly this. The reserves were filled when oil was like $60 a barrel. Using it to artificially bring costs down and then refilling it at over $100 a barrel is a double whammy. We only had a little taste of high gas prices at $5 a gallon. I think how high we see depends on when we see some action as far as Trump returning to office. As long as Biden remains in office unchecked, show or not, this path will lead to $10+ easy.
$20. Not $60.
It went -$38 back in April of 2020 and PDJT jumped on it and the US actually got PAID to top off the strategic petroleum reserves.
https://www.nbcnews.com/business/energy/great-time-buy-oil-trump-says-prices-plunge-negative-territory-n1188351