ragincajun03

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(Reuters) – Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by 6.2 million barrels in the week ending July 3 to 319.5 million barrels, the lowest level since April 1983, according to data from the Department of Energy.

The drawdown is part of a U.S. agreement to release 172 million barrels from the facility to plug a gap in global inventories since the Iran war and help push down fuel prices.

Since the war began at the end of February, overall U.S. inventories, including commercial and SPR stocks, have fallen by 120.71 million barrels to 734 million barrels as of June 26, the lowest since 1984.

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The run between Thibodaux and Lafayette might be the worse drive in America.

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extension of 3235 from Larose to US 90

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I moved away in 2006 and you guys still haven't finished it? The throughway was horrible when I left. I can only imagine it now.

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Oh wait it's in Iowa

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Is there an accepted barrel price to gallon price ratio that the stations "should" be hitting? A historical norm if you will?

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The nation’s average price of gasoline has fallen 6.8 cents over the last week and stands at $3.71 per gallon, according to GasBuddy® data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. The national average is down 41.3 cents from a month ago and is 62.7 cents per gallon higher than a year ago. The national average price of diesel fell 11.8 cents in the last week and stands at $4.876 per gallon.

“Average gasoline prices fell in nearly every state over the last week, with diesel declining in all 50, pushing the national average to approximately $3.74 per gallon this July 4—the third most expensive Independence Day on record, but well off the peak of $4.57 per gallon seen in May,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “GasBuddy is now tracking 41 states with average gasoline prices below $4 per gallon, while 37 states are seeing average diesel prices below $5."

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In early Monday trade, WTI was down 41 cents to $68.28 per barrel, essentially flat with last Monday’s $69.89, while Brent slipped 36 cents to $71.76, compared to $72.45 a week ago, with both benchmarks holding near pre-war levels as traders weigh a fragile but intact peace process against rising Gulf supply.

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the SPR fell 5.5 million barrels to 325.7 million barrels.

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The states with the lowest average prices: Indiana ($3.04), Oklahoma ($3.26), and Texas ($3.26).

The states with the highest average prices: Hawaii ($5.42), California ($5.33), and Washington ($4.98).

Biggest weekly changes: Ohio (-20.4¢), Colorado (-14.5¢), Indiana (-13.6¢), Michigan (-13.3¢), Washington (-13.0¢).

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The states with the lowest average diesel prices: Oklahoma ($4.03), Texas ($4.17), and Nebraska ($4.17).

The states with the highest average diesel prices: Hawaii ($6.90), California ($6.48), and Washington ($5.94).

Biggest weekly changes: Ohio (-20.2¢), Michigan (-18.8¢), Idaho (-16.5¢), Oregon (-16.3¢), Washington (-26.0¢).

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The federal government is urging state attorneys general to probe and prosecute any illegal activities contributing to high fuel costs for Americans.

"Although crude oil prices are now dropping rapidly, far too much of that price cut is being withheld from Americans when they pay for gasoline," the letter, signed by Associate Attorney General Stanley Wodward Jr. and Federal Trade Commission Chair Andrew Ferguson, claims.

The document includes a screenshot of a Truth Social post that President Donald Trump issued last week.

In that June 24 post, Trump asserted, "The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock! In other words, customers are being ‘gouged.’ I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!"

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"We urge state law enforcers to join us in investigating illegal practices. Recent volatility in crude oil prices does not suspend either the antitrust laws or state consumer protection laws, and it does not authorize companies to manipulate retail prices or collude with their competitors.

"We also encourage State Attorneys General to use all tools available under your state laws to investigate and prosecute any misconduct causing unjustified price increases — particularly conduct that violates state antitrust and consumer protection statutes. Although the Division and the Commission do not enforce any laws aimed specifically at price gouging rather than anticompetitive conduct, many States have also enacted laws specifically targeting price gouging during periods of market disruption or emergency, and we urge those states to review whether enforcement is warranted under those laws."

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In part of a post Wednesday, he (the President) declared, "Just as I promised, Oil Prices are plummeting FAST, and Gas Prices at the pump are dropping too, but not as fast as they should be."

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Hopefully he can end Zelensky for a great starter

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