The national average gas price has fallen for 50 straight days after another drop on Wednesday to $4.16 a gallon, per AAA. It’s down a full 86 cents, or 17%, from the record high of $5.02 hit on June 14. President Biden tweeted that more than half of gas stations in the US are selling gas for less than $4 a gallon.
What’s driving the plunge: The economist’s creed “the best cure for high prices is high prices” seems relevant. As gas prices surged in the early part of the summer, drivers say they’ve cut down on their driving levels, leading to lower demand for fuel.
Almost two-thirds of US adults made adjustments to their driving habits since March, according to AAA’s survey from late July.
Of those who made changes, 88% said they were driving less.
APA Corp, Marathon Oil and Ovintiv boost returns as oil prices surge
U.S. shale producers continued a streak of returning more cash to shareholders this week on the back...
U.S. shale producers continued a streak of returning more cash to shareholders this week on the back of higher oil prices.
Marathon Oil said it returned some $816 million to shareholders during the quarter, while rival Ovintiv returned roughly $200 million during the second quarter and said it expects to almost double that during the current quarter.
APA Corp reported on Wednesday a second-quarter profit that nearly tripled. Net income attributable to common stock rose to $926 million, or $2.71 a share, in the quarter, from $316 million, or 82 cents per share, a year earlier.
People look to this metric as a gauge of investor sentiment, and right now it signals that investors are bracing for a downturn.
"While the SSI does not catch every rally or decline in the stock market, the indicator has historically had some predictive capability with respect to subsequent 12-month S&P 500 total returns," BofA analysts said Wednesday.
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crude oil for September delivery fell $3.76 to $90.66 a barrel Wednesday. Brent crude for October delivery fell $3.76 to $96.78 a barrel.
Wholesale gasoline for September delivery fell 15 cents to $2.91 a gallon. September heating oilrose 3 cents to $3.41 a gallon. September natural gasrose 56 cents to $8.27 per 1,000 cubic feet.
Stocks post solid gains Wednesday, with the Nasdaq's 2.6% jump leading the way
U.S. stocks booked powerful gains Wednesday, with the Dow sweeping to its best day in a week,...
U.S. stocks booked powerful gains Wednesday, with the Dow sweeping to its best day in a week, as investors focus on bright spots in second-quarter corporate earnings. The blue-chip Dow Jones Industrial Average DJIA, 1.29% powered almost 500 points higher, or 1.5%, ending near 32,888, which was its best daily percentage gain since July 27, according to FactSet data. The technology heavy S&P 500 index SPX, 1.56% and Nasdaq Composite Index COMP, 2.59% booked 1.6% and 2.6% gains, respectively. Focus was on solid earnings reported by PayPal Holdings Inc PYPL, +9.25% and SoFi Technologies Inc. SOFI, +28.39%, even though Robinhood Markets Inc. HOOD, +11.70% said late Tuesday it plans to cut 23% of its staff to offset depressed trading activity and a weaker economic environment.
