Macro-economic fears continue to rule…
The U.S. rig count fell…
Prices at the pump directly correlate with presidential approval ratings, the chief executive of FedEx told Fox News this week, citing a conversation he had with President Obama.
Obama "one [time] told me in a small group that everybody thought his poll numbers went up on this, that and the other thing," Fred Smith said. "He said they were almost perfectly correlated with the price of gasoline."
A recent poll by Quinnipiac University suggested that most Americans blame high gas prices on President Biden's energy policies more than on any other topical issue.
"What is more responsible when topping off the tank hurts? A raging war launched from Moscow, or an economic policy constructed in D.C.? More Americans say blame falls on the latter," polling analyst Tim Malloy said, as quoted by local media.
Meanwhile, a Gallup poll showed that the president's approval ratings were declining the fastest among younger voters, The Hill reported recently. Since the start of his presidency, the poll found, approval among millennials and Gen Z for President Biden had shed 20 percent.
Meanwhile, summer gasoline prices in the U.S. are expected to be the highest since 2014, the Energy Information Administration said earlier this month. The national average for the summer driving season is seen at $3.84 per gallon, up from $3.06 per gallon last year, the EIA said.
While the war in Ukraine will continue to exert upward pressure on prices, the ongoing effects of the pandemic will have a smaller effect on gasoline and diesel consumption in the United States this summer season compared with the past two summers. Overall, U.S. gasoline and diesel demand continue to remain below the respective 2019 averages, the authority also noted.
The latest daily average price data from the AAA shows a national average of $4.114 per gallon, which is down from $4.255 per gallon a month ago but up from $2.872 per gallon a year ago.
By Charles Kennedy for Oilprice.com
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Charles is a writer for Oilprice.com
other than release from the SPR... nothing...and oil traders know that at some point the US government will have to go back to the markets to buys back the oil/fuel they released which will keep prices high in the end.