Well, Go-o-o-lly
#4
While it's a good thing for gas prices to drop, it's still too expensive. It'll get cheaper as recession fears start to deepen. Someone is taking credit for the drop and has nothing really to do with its dropping as they really didn't do anything about it, as I still got a feeling it's going to go up again. Pay no nevermind to last month's jobs report. And watch the layoffs starting in the coming months. Job participation rates are lower than the pandemic levels, and inflation is still roaring ahead.
Enjoy this dip while you can. Strange thing is, normally recession fears drive the oil futures way down, but the refining capacity is about maxed out, and even OPEC isn't going to do much if anything about raising output, so even so, fuel demand isn't being destroyed as much as it normally would be. This means the prices are still going to remain higher than they should be for a good stretch. It's very likely going to go back up at the pumps too. I don't want it to, but I'm thinking it will.
Enjoy this dip while you can. Strange thing is, normally recession fears drive the oil futures way down, but the refining capacity is about maxed out, and even OPEC isn't going to do much if anything about raising output, so even so, fuel demand isn't being destroyed as much as it normally would be. This means the prices are still going to remain higher than they should be for a good stretch. It's very likely going to go back up at the pumps too. I don't want it to, but I'm thinking it will.
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