4/25/2005

Gas Prices

Gas prices have fallen during the past two weeks, because of lower demand and a price drop for crude oil. The national average price decrease was four and a half cents. The most expensive price for gasoline in the nation was $2.64 in San Francisco and the least expensive was $2.04 in Tulsa. Prices are looking to continue to decrease in the next few weeks; however, the summer months of high gas consumption will in the long run overcompensate any money saved with the price decrease.

71 comments:

Dr. Tufte said...

This is a kind of typical seasonal movement. There are bottlenecks in production due to refinery retooling that occur in late winter, pushing up prices. By early spring, they start to drop again.

Of course ... the media isn't inclined to tell you about routine seasonal fluctuations. I hear Red Lobster has seasonal price changes too - but their price increases don't make the news. ;)>

Stephen said...

Be careful not to conflate a movement along the demand curve (conservation induced by the higher price) from a shift of the demand curve (the consequence of a cheaper substitute or a more costly complement.)

sierra said...

The gas prices did decrease the past week, but only by a few cents. Gas prices are not going to go down any time soon, and we can expect to have gas prices at least at $2.50 in the summer, but don't be surprised if it is higher. Of course the gas prices are going to be in the news because it is a product of demand, and it will continue to be a product of demand no matter the price.

MK said...

Would you comment on the so-called "peak oil" phenomena?

I maintain a peak oil news blog at peakoil.blogspot.com and try to keep it fresh with all opinions. I would like to add yours, if that works for you.

Nutshell definition of peak oil: Peak Oil is the simplest label for the problem of energy resource depletion, or more specifically, the peak in global oil production. Oil is a finite, non-renewable resource, one that has powered phenomenal economic and population growth over the last century and a half. The rate of oil 'production,' meaning extraction & refining (currently about 83 million barrels/day), has grown in most years over the last century, but once we go through the halfway point of all reserves, production becomes ever more likely to decline, hence 'peak'. Peak Oil means not 'running out of oil', but 'running out of cheap oil'. For societies leveraged on ever increasing amounts of cheap oil, the consequences may be dire. Without significant successful cultural reform, economic and social decline seems inevitable.

Dr. Tufte said...

Yes, I'll post something there.

Dr. Tufte said...

Actually, now that I follow the link, I don't see how I post there. It seems more like MK copies stuff out of other blogs to post there.

So ... MK if you want to talk, contact me at tufte at suu dot edu

MK said...

Yes, Dr. Tufte, peakoil.blogspot.com is a collection of news items, blogs, commentary, etc. from wherever I can find it. Sorry about not making myself clear.

It started for my personal use in keeping track of the issue. After a while I found out that hundreds of people look at it every day and now feel obligated to continue.

I was hoping you might put something on your blog that I could use.

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