San Francisco regular hit $6.34 on average; at Wolf’s gas station from heck, it hit $6.79, premium at $7.00.
I see gasoline prices rising further despite this modest short-term & long-term demand destruction.
The boom in natural gas exports creates massive demand on US production and connects US prices to the rest of the world.
Make that $6.55 for regular at my San Francisco gas station from heck.
Predictions a few weeks ago of peak gasoline prices have been obviated by the inflationary mindset.
But wait a minute… crude oil futures are far below a record.
There’s some demand destruction. But oil bounced again already. Gasoline might be next. My guess is a long-drawn-out zigzag higher.
Biggest buyers of US LNG: South Korea, China, Japan, Brazil. But Mexico bought more US natural gas than all four combined.
But the mix of how power was generated changed dramatically over the years.
Neck-breaker volatility in opposite directions in an unsettled market.