Gas Prices Fall Below Prices From A Year Ago
Oil is down to $65/barrel, and with that drop in price comes a drop in gas prices.
COLUMBUS, Ohio (AP)—Crude prices tumbled Friday and a gallon of gasoline fell below year-ago levels for the first time in 2008, even as OPEC announced a huge production cut in an attempt to halt the declines.
Crude prices have now fallen 56 percent from the highs reached in July, and more than $41 per barrel in just the last month.
It’s almost like gas prices are dictated by the forces of supply and demand and not the evil machinations of mustache-twirling black hats in the oil industry. Or something.
By the way, the people who gripe every spring when demand for oil begins to spike for the summer season and gas prices go up and demand that the oil industry be punished with things like windfall profits taxes? If they had gotten their way this last year we wouldn’t be seeing these lower prices now. The oil industry would be keeping gas prices high in order to pay off those massive new taxes.
Meaning that, in effect, we’d be paying those higher taxes by paying more for gasoline than we’d otherwise have to.
Think about that the next time you hear someone carping about gas prices.
