MAGA: Gas prices have hit their highest level in three years

from the link above...

"We're seeing extremely high demand for gasoline," Sinclair said. "With the economy moving along as strongly as it is, there's a lot more work, and with work, comes a lot more transportation."
 
fredgraph.png



If we take vehicle miles traveled as an indicator of demand, then it's interesting that the rate of increase has been declining since Oct 2016.

Anyone know where to get the supply of crude? I've checked EIA , and I don't see where there is diminishing supply of crude, as stated by the article.
 
Last edited:
Covertibility said:
Anyone know where to get the supply of crude? I've checked EIA , and I don't see where there is diminishing supply of crude, as stated by the article.
More...

I agree with your observation.

Demand is higher due to the stronger economy but in terms of supply - the world is drowning in crude oil courtesy of North America. The real potential choke points of concern to US motorists would be Gulf Coast refining capacity which is of course not mentioned in the article. Just last year there was the Horseshoe find by Repsol on Alaska’s North Slope (1.5B bbl) which was the biggest onshore discovery in 30 years and fracking isn’t required there as I recall.
 
"the rate of increase is declining". (from the prior year)

therefore demand is still increasing even over the gain from the prior year.



Covertibility said:
fredgraph.png



If we take vehicle miles traveled as an indicator of demand, then it's interesting that the rate of increase has been declining since Oct 2016.

Anyone know where to get the supply of crude? I've checked EIA , and I don't see where there is diminishing supply of crude, as stated by the article.
More...
 
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