Even the slightest reduction in gas consumption will make the price of gas fall.
Not necessarily. If OPEC decides to curtail production in response and/or North American producers decide to curtail production in response, those decisions can potentially more than offset any reduction in consumer demand.
A key determinant in determining the price is petroleum inventories. Another key determinant is refinery capacity.
Everyone just doing the speed limit would make the price of gas fall.
See my prior remarks above.
This person (don't know if it was a guy or a gal) says even a slight drop in consumption will cause a big backup in the supply chain. Freighters would be sitting full waiting to unload. Refineries would have nowhere to put the product because their tanks aren't getting emptied. Excess capacity would make the price drop.
Temporarily - yes, these things could happen. Ultimately, such circumstances would lead to a sharp reduction in the crude oil price (the "upstream" part of the supply chain), which would lead to temporary well shut-ins, which would lead to less crude oil making its way to the refinery. Over time, inventory levels would reset and prices would return to "normal."
Remember, what we saw last March and April was a cataclysmic drop in demand: say a 30%+ reduction compared to just 60 days' earlier. That is what caused prices to crash. That type of demand destruction is unprecedented in modern history. That's why tankers in the Gulf and just about everywhere else were being filled to the brim with petroleum products as were rail cars. There were no buyers for that stuff.
When the WTI spot contract fell into negative territory for a time in April, that was the signal oil producers needed to send their rig crews home and to turn off a large number of well heads.
Morgan Wallen is a piece of garbage.