Gas Price Total Betting Now Under $5 at BetOnline With New Trending, Possible Tax Suspension

BetOnline Wednesday reverted its gas price betting odds, simply switching the numbers between the Over and Under. 

Case in point:

Over 5 $

Now +100 (was 140)

Under 5 $

Now -140 (was +100)

New Trajectory Forcing Price Change for Gas Price Futures Odds

The pain at the pump is real, especially if you rely on driving as part of your employment.  In fact, the only folks likely to balk over declining gas prices are the oil companies like Exxon Mobile and the gamblers who had the Over $5. 

The prices are official as found on gasprices.aaa.com at the very end of the day recorded June 30 and are for REGULAR only. 

The average national gas price as of June 22 was $4.955, and that is trending down.  In San Diego, gasoline prices decreased Tuesday for the sixth consecutive day, dropping 1.6 cents to $6.324.  This represents the largest daily decrease since April 13.  San Diego, and much of California for that matter, is not representative of much of the USA with prices well above the national average.  It's still a great sign. 

On Wednesday, U.S. President Joe Biden announced he is preparing to call on Congress to suspend the federal gasoline and diesel taxes for three months.  This likely would not take effect until after the June 30 futures date at BetOnline.

Removing the 18.4 cents-a-gallon federal tax on gas would save the average driver roughly 3.6%.  Biden will also encourage governors to eliminate their state tax on gasoline for the three-month period. 

Sounds like a great idea, but some in Biden's own party remain skeptical.  It's also all about timing.  Democrats would not want the suspension to end ahead of the November mid-terms as a reversion back to higher prices would likely have a negative impact on Democratic candidates.  Lower prices still in place during the Elections would probably help the Democrats. 

Biden's energy adviser Amos Hochstein made it clear consumers might realize in the neighborhood of a 50 cents per gallon saviings if Congress and the states support a reprieve.

“That's not a gimmick,” Hochstein, senior adviser for global energy security at the State Department, said on CNN. “That's a little bit of breathing room for the American people as we get into the summer driving season.”

It's been noted that, even with a "gas holiday" in place, individual stations may opt to keep prices high.  This might not be an issue in more competitive regions.

- Aaron Goldstein, Gambling911.com