Bloomberg was just talking about this.
U.S. storage is almost full.
When it is full, oil prices will drop like a stone.
The only thing keeping gas prices up right now is the United Steel Workers Refinery strike. When that ends, a lot more gasoline is going to hit the markets.
Figure $ 3.35 in Southern California.
No snow, however.
Oil dropped like stone today.
WTI - closed at $44.84, down almost 5%
Adjusted for inflation, that’s close to an 11 year low.
The article has an interesting number I haven’t seen before:
AAA 50 year inflation-adjusted USA national average cost of gas - $2.50 per gallon.
The average today is $2.44.
I assume that includes taxes, but I’m not certain.
Here in Seattle, I think all prices are under $3, but I don’t pay close attention since I walk everywhere or use my senior discount bus pass.