And today we're talking about prices
going down every day for almost
a month. What's up with that?
Yeah, what is up with that farlin
usual in fact historically relevant,
one of the largest declines
we've seen in quite some time.
Certainly one of the top declines we've seen.
In the last decade, really kind of rivaling
the decline that we saw during COVID.
Now, of course, prices are not
as low as they were during COVID,
but the declines are starting to get to
the point where they're getting closer.
Average prices in San Diego back
under the six dollar gallon mark.
In fact, I spiked 2 stations in the San
Diego metro area that are under $5 a gallon,
so shop around.
Everyone tends to turn their turn their
brain off when prices are falling and
they pull into the first station.
Thinking hey, it might be a good deal,
but keep close attention.
Stations are going to be going
down maybe $0.10 a gallon a week,
maybe even more than that if you
don't need to fill your tank,
don't do it because prices are
going to continue going down.
In fact,
if if there are no unexpected outages,
if there's no hurricanes,
we could see California prices falling
another 55 to 85 cents in the next few weeks.
So a lot of this happening because
of rising concerns.
Over an economic slowdown,
of course.
The inflation report that was really
revealed yesterday showed that
inflation continues to be red hot,
and that's likely going to draw the
attention of the Federal Reserve will
likely further raise interest rates.
Throwing a bucket of cold water
on a searing hot economy,
and that could limit oil demand
moving forward.
So for now,
again falling prices have been here.
They will continue to be here
and things will get even better
than where they are today.
Average prices in San Diego.
Down nearly $0.40 a gallon in the last month.
And I think I heard you say maybe it
has to do with inflation, so right,
everything else is going up.
But gas prices will continue
to go down. That is,
well, again, it's it's because the
Federal Reserve is going to act to
tame inflation that prices will start
backing off because the concerns are
that the Federal Reserve is slowing
down growth by raising interest rates.
And that's also going to slow down the
appetite for Americans to fill up,
at least to some degree.
It could that is.
Rising interest rates could bring
an economic slowdown.
And that's the fear is that we're going
to see the economy tip into recession,
and that could stifle oil.
Demand and oil prices today at their
lowest level since the invasion of
Ukraine started a barrel of West Texas
Intermediate crude oil at $91.00 a barrel.
Again, I I have to highlight
there are a few caveats where
maybe not fully out of the woods,
but making sure that people are aware
to to maintain their expectations.
We still could see prices going
back up if there's something like
refinery outage or hurricane,
but it does look like the odds
are more stacked on the side of
falling prices than they are for
the chance that prices could go up.
Well, that is awesome news,
especially for us in San Diego.
We are happy to hear it and we will take it.
And and and the good news
too. I mean, you know I I don't like
getting too far ahead of myself,
but it's possible that
by the end of the year,
California falls another dollar a gallon.
And if things go right,
that means California could fall
back under the $5 gallon mark too.
So keep an eye on that.
You're going to see more stations in
San Diego falling under $5 a gallon.
I see a G&M station right now at 499.
Shop around.
Make sure you're using an app like gas.
Of your Google or ways because
stations are sometimes going to
drag their feet at lowering prices.
But like the G&M station,
some stations are passing along
the decreases much faster.