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Weekly Commentary

Hate To Be “That Guy”

August 16, 2022
Jimmy Jean
Vice-President, Chief Economist and Strategist

Summary of the publication

This week, the price of WTI crude briefly fell below $90 for the first time since February. In the US, a steady decline in oil prices has been accompanied by an increase in refinery activity, seemingly in response to President Biden’s June call to boost production. Combined with weaker-than-expected demand from drivers this summer, this is leading to a sharp drop in gasoline prices. South of the border, prices at the pump have now fallen for nine straight weeks, and according to AAA, gas prices are just 9% above pre-Ukraine war levels.

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