FREDERIC J. BROWNbeautiful pictures
- The cost of filling up your car’s gas tank is high this week, but there are already signs that the current spike could be short-lived. GasBuddy noted Wednesday that prices have “fallen apart” from 6 to 12 cents a gallon.
- That may be true, but people reporting their local gas station prices are receiving warning messages from the GasBuddy app asking if what they’re reporting is accurate. “The price seems high,” the app says. Ya think?
- Previously, the spike in gas prices led to an increase in sales of hybrid and plug-in vehicles. Whether that model holds true is something we won’t be able to answer in the next few months, but Recurrent CEO Scott Case thinks car buyers won’t soon forget the high prices gas can bring bring.
After a sharp increase about last week, gasoline prices in the US have stabilized again and in some areas have started to decline. The Energy Information Administration (EIA) said on Wednesday, although crude and gasoline inventories both fell this week. The The Wall Street Journal report that the price of Brent crude oil futures, the international benchmark for gasoline prices, fell 13% on Wednesday, the biggest one-day percentage drop since April 2020. If nothing else, prices Oil and gas is changing these days thanks to external factors over which no group has control. The photo above, taken at a gas station in downtown Los Angeles on March 9, 2022, is an example of a possible outcome.
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When it comes to costs at the pump here in the US, Patrick De Haan of gas price tracking website GasBuddy said Wednesday morning that there is “great news” about gas prices “falling sharply” to between 6 and 12 cents a day. gallons, depending on location. Map of GasBuddy shows current station price reports from gas stations nationwide showing lots of yellow and orange (highest prices on the map, any price above $4.43 a gallon), especially on the West Coast , Illinois and the Northeast.
On Twitter, people are posting screenshots of their GasBuddy app, which automatically pops up a window to confirm the high prices people are entering. “This price seems high. Are you sure this is the right price?” the app asked, and De Haan responded to at least one of the Tweets by saying this is “how do you know it’s really bad.” If you have a particularly notable price to share from your wooden antique, please let us know in the comments.
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As we recently reported, the average price of gasoline in the US recently hit $4.17 a gallon, the highest figure ever recorded. However, it’s important to know that we’re not living with the highest gas prices ever. The previous record of $4.10 was set in 2008, but when adjusted for inflation, that would actually be about $5.37 in today’s dollars, according to NPR. Meanwhile, even if it’s not too high, the price is still much higher than what people are used to. GasBuddy reported this morning that the cheapest average gas price in the US is Fort Smith, Arkansas, at $3.71, and the cheapest state is Kansas, at $3.82 per gallon on average.
What high gas prices might mean for auto sales raises two big questions. First, if the price has started to slide, has anything really changed? Second, if prices continue to rise — the GasBuddy app predicted over the weekend that we could see a nationwide average of $4.25 per gallon by Memorial Day — will that shift the pattern? buy more efficient vehicles? According to the EIA, most likely. Since 1999, sales of hybrid and plug-in vehicles have tracked with gas prices, with electric vehicles becoming particularly popular over the past three or four years as options have grown.
“Gasoline prices rose and people responded immediately by buying more hybrids with better fuel efficiency,” Recurrent CEO Scott Case said in a statement. “Unfortunately, you’ve also found that the reverse is also true: when gas prices fall during that time, sales of hybrids also fall. Rationally, this doesn’t make much sense because of new car purchases. inefficiencies will last a lot longer than low gas prices.”
Case says it will be interesting to see if we “violate the psychological tipping point” if gas prices climb to $5 or more. Some analysts predict that gas prices will continue to rise, and if they continue to rise, that will have an impact.
“You can’t determine the price of $5 or $6 per gallon of gas,” Case said. Vehicle and Driver. “The next time people walk into a car dealership, they’ll remember it. The question is whether that translates into electric vehicle sales immediately, as sales are an metric. This is especially true with low inventories and long waiting lists.We won’t be able to see how many people add their names to the new EV waitlist this week or otherwise. other, make a commitment today to go electric in the future. 5 times.”
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