August 7

8/7 – The AAA national avg gasoline price hit $3.83 per gallon this past weekend, up from $3.53 a month ago, but still below last year’s $4.08. In 2022, gasoline hit a record high of $5.11 on 6/13 after Russia invaded Ukraine, then plunged to a $3.20 bottom on 12/26. NYMEX crude oil futures are $82.82/barrel (8/4), up from $71.79 a month ago, and have averaged a little over $75 year to date. The Saudis are desperately trying to raise global prices with production cuts, and Wall Street is currently bullish on fuel based on positive U.S. economic data. The heat wave hasn’t helped. Oil refineries in Texas and Louisiana can’t operate at temps above 95 degrees. So, summer driving is peaking, gasoline supplies are tightening, and prices are higher at a time of year when they usually start to fade. But I don’t care. I rented a Tesla from Hertz for a business trip this week while my gas guzzler sits in the garage collecting dust.