Friday, April 24, 2020

I Recently Filled Up My Truck and Wanted to Party Like It's 1999

The other day I went to the gas pump to fill up my truck and I wanted to "party like it's 1999" -- as the old Prince song says. The price of gas was only $1.19 per gallon. The last time the national average gas price was $1.19 was back in 1999 -- over 20 years ago. The average price of gas first went over $1 a gallon in 1980 when I was a Sophomore in high school. That year, it went from 86 cents per gallon to $1.19 per gallon.

Yesterday I read that the consumption of petroleum products in the United States has fallen to the lowest level since at least the early 1990's. As long as global travel restrictions stay in place, gasoline demand will remain significantly depressed. Refineries act as the connector between oil producers and gasoline consumers. They take in oil and process it into gasoline, diesel and jet fuel, adding any additional components like ethanol. Presently, refineries are not turning as much oil into gas, causing a huge buildup in crude inventories.

In some U.S. locations, a gallon of gas has actually dropped to under one dollar! Unbelievable! Last year at this time the country was paying about $2.60 per gallon, on average.

The lower prices at the pump are great to see, but don't expect the price to get as low as it was in 1931 when you could fill up your car for just 17 cents per gallon!

From Him, Through Him, For Him (Romans 11:36),

Paul J. Staso
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