after PNW spot gasoline prices surged over the last few days, some signs that things are getting straightened out as spot prices today are down *significantly*. if you're in OR or WA, you're about to see some gas price relief replacing rising prices
Patrick De Haan
@gasbuddyguy.bsky.social
your fuel prices, explained honestly. data over politics, no tolerance for political BS. thousands of interviews | trusted by every White House administration. Integrity matters.
while Chicago's TARP reservoir flood systems remain 87% and 62% full (9.8 billion gallons of rainwater/sewage overflow) after flooding/storms, Lake Mead has just declined to a new multi-decade low of 1,040.74 feet, falling below 2022's record lows.
Michigan's gas price average- at $4.27/gal today- could fall to $3.75/gal with some stations falling as low as $3.50/gal in the next couple of weeks (typical caveats)
another 8c/gal drop in spot price so far today as well- motorists are advised to hold off on filling up in WI, MI, IL and OH as retail prices have plenty of room to fall in the days ahead
Patrick De Haan@gasbuddyguy.bsky.social · yesterdaychicago spot gasoline prices showing another nearly 8c/gal drop so far this morning, this may do a pretty good job for Hoosiers at offsetting some of the tax jump coming soon
WILD 55c/gal drop in Chicago regional spot gasoline prices over the last week- if you're in WI, IL, MI, OH- wait to fill up. Hoosiers are getting extremely lucky on the timing of this decline, making the resumption of gasoline taxes far far less impactful as of now.
2026 could be at risk for setting a new record- most expensive national average price of gasoline on Labor Day. currently Labor Day 2012 is the record holder: $3.83/gal. we're at $4.06/gal today- if a deal to reopen the Strait doesn't materialize, we could break that.
we're on the cusp of seeing the highest ever national average this late in the year- 2022 was the previous record 8/5/22: $4.069/gal 8/5/26: $4.066/gal In the next couple days, 2022's average will likely fall below the same day in 2026, leading to the highest late-summer average.
Indiana Gov. Braun and Hooisers might get a bit lucky when the state's gasoline use and excise tax kick back in just a few days from now- one of the larger declines in spot gasoline prices has showed up and appear to potentially offset a good chunk of the coming jump.
Marathon Petroleum in earnings shows additional refinery enhancements coming for 2027: 90,000bpd increase in ULSD output at Galveston Bay 30,000bpd increase in throughout at Garyville 10,000bpd increase in premium gasoline output at Garyville
four years ago today- after gas prices nationally reached $5, a new record in June, 2022, this 7-Eleven in Oklahoma City, OK became the first GasBuddy tracked station to fall below $3/gal again in the country. this same station is $3.43/gal today.
bottom line- watch the situation- but if it holds, the national average will soon drop below $4/gal and could head to $3.55-$3.75/gal
Patrick De Haan@gasbuddyguy.bsky.social · yesterdaysolid drops in oil continue- though the coast isn't clear- WTI crude down $3/bbl to $77, but moreso, refined products seeing a second big day of relief- WTI321 crack spread down to $55/bbl, gasoline down 7-17c/gal (excl PNW, up 1c), ULSD down 12-14c/gal, jet fuel dwn 13-15c/gal
solid drops in oil continue- though the coast isn't clear- WTI crude down $3/bbl to $77, but moreso, refined products seeing a second big day of relief- WTI321 crack spread down to $55/bbl, gasoline down 7-17c/gal (excl PNW, up 1c), ULSD down 12-14c/gal, jet fuel dwn 13-15c/gal
chicago spot gasoline prices showing another nearly 8c/gal drop so far this morning, this may do a pretty good job for Hoosiers at offsetting some of the tax jump coming soon
Patrick De Haan@gasbuddyguy.bsky.social · 2d agowow, those refinery issues in the Great Lakes may have just gone poof- in just the last few minutes, Chicago's RBOB gasoline prices just tacked on another 17c/gal drop- total spot drop today nearly 32c/gal coming for pumps in WI, IL, IN, MI!
🔥🧵1/ $4 gas isn't "gouging." it's supply and demand, plain and simple. same forces driving up electricity as power demand surges, same forces sending memory and chip prices soaring as AI eats up everything the fabs can make. nobody calls that gouging. watch your iphone price.
wow, those refinery issues in the Great Lakes may have just gone poof- in just the last few minutes, Chicago's RBOB gasoline prices just tacked on another 17c/gal drop- total spot drop today nearly 32c/gal coming for pumps in WI, IL, IN, MI!
finally a day where RBOB and diesel spot prices are seeing ~as much drop as WTI/Brent crude oil- most the country seeing RBOB dip 13-15c/gal (excl PNW, up 11c), ULSD down 17-26c/gal- allowing for retail prices in non-cycling markets to dip in days ahead
ALERT: Live data showing that #GasPrices appear to be rising to $4.39/gal in #Idaho today.
ALERT: Live data showing that #GasPrices appear to be rising to $4.39/gal in #Utah today.
INDIANA- LAST CALL- your gas prices are going to jump FRIDAY, likely back to $4.19-$4.29/gal. Oil prices have fallen big today and that may offset/soften the blow somewhat- but fill'er up now before taxes hit again!
ALERT: Live data showing that #GasPrices appear to be rising to $3.99/gal in #Florida today.
BREAKING: the U.S. SPR has declined another 2.9 million barrels in the last week and sits at 304.8 million barrels. Releases are winding down in the weeks ahead.
a new record could be set- if the national average price of gasoline remains above $4/gal after August 8, it'll be the latest in the calendar year prices have been above that level.
as we get into September, typically gas prices decline every year. no, not because an election is looming- but because gasoline demand decreases accelerate, and on Sept. 16 we roll back to cheaper, easier to produce blends of gasoline (except California).
for the first time in the last few weeks, the national average price of gasoline saw a weekly decline, dropping 0.8c/gal to $4.05/gal, according to GasBuddy data.
oil selling off as OPEC+ boosts output, but more likely as Trump drops the possibility of a broader deal to open the Strait... WTI and Brent both down nearly 5% or $4/bbl, but RBOB gasoline down about half- 2.5% or 8c/gal thus far
if using the EIA's monthly data for May, gasoline and distillate demand now look like they're suffering from more than just noise- demand destruction to some degree- could be an ominous sign for June data.
the mistake many americans make is they look at (oil) futures to try to determine today's gas prices. that's not great- you'd want to use a spot price- futures prices may be lower in the future (backwardation) or higher (contango) and could be disconnected from refined prod price
Patrick De Haan@gasbuddyguy.bsky.social · 5d agoi talk about gas prices/oil at various levels. oil (mostly futures) gasoline (futures, but mostly "spot"- which is the today/tonight price. spot price varies regionally) wholesale (localized "rack" price, the price your local station is paying) retail (the retail price you pay)
i talk about gas prices/oil at various levels. oil (mostly futures) gasoline (futures, but mostly "spot"- which is the today/tonight price. spot price varies regionally) wholesale (localized "rack" price, the price your local station is paying) retail (the retail price you pay)
market showing Chicago gasoline and diesel basis jumping in line with additional/continued regional refinery issues- wholesale gasoline up 7c/gal, diesel up 11c/gal