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this post was submitted on 04 Oct 2024
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It was the cheapest I had seen since 2021 last week for like 36 hours and then overnight jumped up 12%.
It always goes down slowly over a three week period and then hits a low for 1 day and then goes up 10% or more overnight.
Problem is, when gas is at a low price, everyone wants to fill up their tanks thus increasing the demand. And obviously gas stations and gas companies are greedy people, so they won‘t lower the prices again until it starts hurting their turnover.
Personally I don't believe that's the case. Most people fill up when they need to fill up not because it reached a magic price. It's not like most people have a choice and can say they aren't going to drive to work this week because gas needs to drop a few more cents before they go fill up.
That's true, however if your tank is half full and you see a damn low price most people will absolutely go and fill it up before it goes up again.
Eh, maybe it's different for people that only have to fill their tank every 3-4 weeks. I need to refill at least once per week so it's rare I save any significant amount of money filling up 2 days before I regularly would.
I'm also not sure why everyone would have the same price in mind to start immediately filling their tank at the "cheap" price to trigger a 12% increase amongst 8 different chains of gas stations all at the same time.
Many would be waiting for a few cents more or already pulled the trigger a few cents before.
I just don't think gasoline follows most free market supply/demand rules as much as most things.
What? No. The president has a "gas price" lever that they start turning down a month and a half before an election. As always.