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I reckon rising gas prices are a part of the overall inflation we are experiencing. Inflation is associated with an overheating economy. Right now the Fed is taking steps to cool the economy and lower inflation by raising interest rates.
The intent of raising interest rates is to lower demand. This should lower inflation but risks throwing us into recession. When the economy is in a recession, prices for everything, including gas, go down. That’s why gas was so cheap in 2020: not because of anything that the government did, but because Covid-19 put us in a recession.
Once the recession starts later this year you will see gas prices go down. Sorry, but every upside has its downside.
I think a $6-6.50 peak is about right and I don’t foresee us ever getting back to those $2 Trump prices we saw a few years ago. Maybe $5 average for the foreseeable future. Part of the problem isn’t supply it’s literally that the dollars themselves aren’t worth as much.
Until people reduce driving. So far, the prices have not done much to reduce demand, That said, there is no real shortage (seen any out of gas signs?), so it's speculation in the commodities markets that is driving, especially, the pump price.
Come on, no one was driving during covid yet prices shot up before and during. Right about the time sloppy Joe announced a war on oil companies. Let's at least be honest about it.
Inevitably they’ll take it to whatever amount the country will still function even the slightest at. That’s what happens when rigged elections have you go full communist / fascist.
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