Posted on 03/15/2020 5:37:51 AM PDT by Oldeconomybuyer
NEW YORK - At two gasoline stations in Scarsdale, a wealthy suburb of New York City not far from one of the nation’s worst outbreaks of coronavirus, attendants whiled away the minutes on a rainy Friday morning at what would normally be their busiest time of day.
“We’ve had one or two customers - that’s it,” said Julio Barrios as he sat under an umbrella at the full-service Shell station in downtown Scarsdale. “For more than a week, business has been slow.”
The coronavirus has infected at least 138,000 people worldwide and killed more than 5,000, rocking the global economy.
As cases steadily grow across the United States, Americans are cancelling road trips, running fewer errands and finding they don’t have to drop their children off at school following widespread closings.
The irony is that drivers are parking their cars at a time when gasoline is more affordable, which usually spurs more driving. The average price for a gallon of gasoline is $2.28, lowest since 2017, according to the American Automobile Association.
The United States consumes more than 20 million barrels of oil and petroleum products daily, the most worldwide, and motor gasoline accounts for nearly half of that, at about 9 million barrels a day. But the coronavirus outbreak’s effect on driving activity is expected to be drastic.
“We would estimate commuting and leisure driving will be down up to 50%, with most impact in the northern states where the virus spreads faster now,” said Per Magnus Nysveen, senior partner at Oslo, Norway-based energy research firm Rystad Energy.
(Excerpt) Read more at reuters.com ...
with all the discussion of the oil markets and the possible final thankful death of opec manipulation,
we could overlook the fact
that
this entire virus scare is a conspiracy
... of the toilet paper cartel
I swear we should require journalists to take economic 101.
It’s not a coincidence that gas is cheap now. It’s a matter of cause and effect.
Told people I know I long time ago that when fuel prices drop dramatically, all hell is about to break loose. That is a sure sign of economic distress coming. Another thing, a whole lot of foolish people bought perishable food in a panic the last few days, spending precious dollars on items which will rot/spoil before they can consume them. Words escape me.
I’m waiting until the oil surplus really drives gasoline prices into the basement to stock up on cheap non-ethanol gasoline.
Look at AOC. She graduated with a degree in economics.
It’s the instructors who are whacked-out in left field.
Journalists don’t do numbers. That’s why they majored in a field that works with words.
I would love cheap ethanol free fuel.
Weird. It`s as if the price of gasoline is affected by supply and demand. Someone should look into that...
I’m praying for cans of oil to go down to a reasonable level. I’d stock up for the oil changes on all my stuff. Can you remember when we would buy a qt of 30 weight for 58 cents?
That, right there, tells you everything you need to know. Mass hysteria, on a scale never before seen.
Agree! Many of these journalist only had the feel good classes and hate America classes nothing of any substance.
Inb4let’sraisethegastax!
There are upwards of 7 BILLION people on this planet. Tell me again why this particular virus is closing everything down?
I just topped off both of my diesel overheads and saved some major bucks compared to a few months ago.
Think I might go fill up all my gas cans as well.
Headline: “Low Gas Prices, Just When People Don’t Need It”
That’s basic economics, nutwad. Higher supply, lower demand = lower prices.
Just filled up @ $1.96/gallon in southwest Ocala. YAY!
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