Posted on 06/13/2022 9:35:53 AM PDT by Ebenezer
[Puerto Rico] Gasoline Retailers Association President Esdras Vélez stated that, in order to mitigate the impact of the high cost of fuel on people's pockets, sales at gasoline stations have decreased by 20%.
"At this time, consumption has been decreasing drastically [as shown by] general sales. What we are talking about is that stations are selling about 20% less than what would be sold during normal periods," Vélez reported to El Vocero [newspaper].
He indicated that, for three months now, gasoline retailers have begun to pay over 50% more in the price of regular gasoline, which, coupled with the volatile situation regarding the price of crude [oil], [has caused] profits generated by gas stations to keep decreasing daily.
For his part, Carlos Crespo, Chairman of the Gasoline Stations Committee of the Retailers United Center, pointed out that consumers are no longer filling their vehicles' gas tanks and that most pay up to $15 only every time they visit a gas station.
Puerto Rico ping. What is, right now, the average price of gasoline per gallon in Puerto Rico?
“[Puerto Rico] Gasoline Retailers Association President Esdras Vélez stated that, in order to mitigate the impact of the high cost of fuel on people’s pockets, sales at gasoline stations have decreased by 20%.”
There is no Grade “A” category to describe this kind of Bullshit.
It’s working.
I’ve noticed less traffic on my sometimes-busy state highway my property is on here in Alabama, and across I-85 and I-65 for sure.
I need to refill my gas cans for the rest of the summer mowing season. Not looking forward to THAT.
It has been hot, humid, with lots of T-showers. Everything growing like Kudzu!
But how is AOC’s abuela?
Hmmmm, so since people buy less, retailers will buy less. This will cause a oil glut and force prices down. but if we give everyone free money, i wonder what that will do to prices?
Was there with the wife a few weeks back for my birthday - thankfully did not have to fill up for gas (driving and buying gas anywhere in the Caribbean is not something I recommend for cost and safety reasons). What struck me the most was how fearful of COVID everyone still is who I talked with despite how weak the latest variants are.
My wife’s tio and tia have no choice but to drive and it is hammering them financially. Unfortunately there is no “conservative”’movement in Puerto Rico - the NPP (statehood party) is a coalition of RINOs and Dems.
You aunt should check to see if their vaunted commie leaders have stashed extra fuel over by the horded hurricane relief supplies.
I have a theory about why gas prices are high, even as demand shrinks and production increases. It goes like this:
Oil is a traded commodity, like corn and silver - and bitcoin. And this means the price is very much impacted by what people think will happen in the future regarding scarcity, demand, etc. i.e. the price is based somewhat on faith - or lack thereof - in its future value. The stark example of a “faith only” valued commodity would be bitcoin, since it has zero intrinsic value, unlike even a tulip.
So, when the world’s governments stamp oil as “bad”, and cancel drilling leases, the keystone pipeline (there, I said it), and other activity that demonstrate they are pushing for it to become more scarce, the price will go up as investors will see scarcity - and higher value - in the future. It’s sort of a self fulfilling prophesy.
I think that’s why, even though it doesn’t expand supply immediately, simply saying, as a leader, you are a friend to making sure your people have all the oil they need, demonstrated by things like approving the keystone pipeline, the price remains stable, and may even go down if a previous leader was not oil friendly.
And, in fact, that is exactly the price history we have in the US since 2008. And here we are with biden, with his policies and speeches, effectively jacking up the price.
I also think ESG (Environmental, Social and Governance), and its impact on oil investment may be the biggest reason oil prices are going up internationally.
https://corporatefinanceinstitute.com/resources/knowledge/other/esg-environmental-social-governance/
I paid $5.00/gal this weekend, at Fort Buchanan, which is supposed to be cheaper than the rest of the island.
Demand destruction. Gasoline demand is relatively inelastic until it isn’t anymore.
Sounds like PR's standard of living continues to suffer as a result of their economic woes over many years.
Sadly, any organized conservative movement in Puerto Rico ended in the 1968 general elections when the Statehood Republican Party (SRP) was decimated at the polls by the then-upstart NPP, a “big tent” embracing SRP defectors and pro-statehood Democrats.
While I don’t regret my support of the NPP during the years I lived on the island, current realpolitik finds that “big tent” approach unsustainable and at the expense of a strong conservative presence in the local political landscape. The left has a much stronger voice.
Damn! I haven’t seen the price in the New Orleans area gas stations get to $5 per gallon (yet), but if that’s the price at a PX in Puerto Rico, imagine what it should be at the island’s non-military retailers.
Actually, I recently paid $5.09 per gallon for ethanol-free gas, which always is more expensive than gas containing ethanol.
That weather in Alabama sounds like Louisiana, and if your mowing equipment operates on ethanol-free gas, then you have to pay more. For some reason, gas with ethanol is cheaper.
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