Let's check in on the AP and see how they're covering the fact that gas prices are unusually low for this time of year, shall we?
"Mild demand at the pump."
That's it. No checking in on the state of the American consumer. No talk of inflation's impact on grocery bills. Nothing. Just "mild demand at the pump."
For those of you outside the loop, gas prices usually go up when school lets out and that summer vacation begins.
The national average for gas prices on Monday stood around $3.44, according to AAA. That's down about 9 cents from a week ago — marking the largest one-week drop recorded by the motor club so far in 2024. Monday's average was also more than 19 cents less than it was a month ago and over 14 cents below the level seen this time last year.
Why the recent fall in prices at the pump? Industry analysts point to a blend of lackluster demand and strong supply — as well as relatively mild oil prices worldwide.
"Lackluster demand"
I wonder if "lackluster demand" has anything to do with the fact that people just can't afford to take those big summer road trips anymore.
Oh look, they kind of said it. Though it's coded so that the AP can do the "This is Fine" meme.
For starters, fewer people may be hitting the road.
Just fewer people hitting the road. Nothing to see here. Inflation is no big deal and we're not all working paycheck to paycheck.
More from the This Is Fine Press:
‘Demand is just kind of shallow,' AAA spokesperson Andrew Gross said … ‘Traditionally — pre-pandemic — after Memorial Day, demand would start to pick up in the summertime. And we just don't see it anymore.'
Last week, data from the Energy Information Administration showed that U.S. gasoline demand slipped to about 8.94 billion barrels a day. That might still sound like a lot — but before the pandemic, consumption could reach closer to the 10 billion barrel-a-day range at this time of year, Gross noted.
So ever since that one time we shut down the economy, demand for gas has just never been the same? Got it.
Also, I'm just guessing here, but when people take summer road trips I'm thinking they need to bring food with them, or at least purchase some when they arrive at their destination.
And here's what buying food looks like in post-Covid America:
The pre-Clinton 1990s. That was the last time we had to spend this much [11.3%] of our income simply to eat. Whether it's groceries or restaurants, food is less affordable now than it has been under Trump, Obama, Dubya, or Bill Clinton.
Yes, we spend 11.3% of our income on food now. Something we haven't done since the early nineties.
What's more, since 2019 the price of a hotel has increased by 17%, an Airbnb, 38%. Fast-food prices are up by over 50%, and car repairs are up by at least 20%. So these factors might have mattered to the AP if they cared about the American people.
Instead, we just get a "This is Fine" headline telling us the experts are seeing "mild demand at the pump."
Bro, cover the news.
Don't just cover for the president.
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