You know how some of the Biden supporters are cheering lower gas prices right now?
Maybe they should learn about supply and demand, because the demand sign looks REALLY bad.
Americans are officially driving less than they did in the summer of 2020, when pandemic travel restrictions all but halted movement.
We are driving less than a time when everything was closed.
The four-week average of US gasoline consumption -- the best gauge for the country's demand -- is now more than 1 million barrels a day below pre-Covid seasonal norms, according to Energy Information Administration data.
The drop suggests the glimmer of demand recovery seen last week was fleeting: Though pump prices have fallen for 50 straight days, it's not enough to lure drivers back to the road with historic inflation constraining consumer budgets.
You can just picture the White House watching from the situation room as the "demand recovery" vanishes:
It makes sense, you know. Even if gas prices come down, people's budgets are still going to be hamstrung by the insane amounts of inflation coursing through the economy. And while lower gas prices might mean lower prices elsewhere, it may be a matter of too little, too late:
The dip in demand caused gasoline futures to plunge as much as 11% in New York Wednesday. While that should pull retail prices even lower, the relief at the pump may come too late as the summer driving season nears its end.
The dunderheads in DC will cheer at this because they probably thinks this saves the planet. Meanwhile, less miles traveled during peak travel season will utterly destroy the tourism, hospitality, and restaurant sectors.
This was supposed to be the Biden administration's Summer of Recovery and instead it's evaporating like:
Oh well, there's always next summer!
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