If you look at the ag commodities they are also down big time. If the stock market and real estate follows, it's very likely we are having deflation. I remember 20.9/gal gas and they'd give you free dishes, and gas wars where the price was 10.9 and the majority of the price was state and fed tax.
I recall buying gas in Glen Burnie, MD for 9¢ in 1963 in a Gas War. While I was in college (also in the Sixties), I always planned to have as little gas as possible as I got near Chrisman, IL coming or going home/school. Gas was always cheap there, and generally less than 15¢ while it was ~ 32¢ most other places. Gas in Baton Rouge is around $2.359 most places for regular today, 12/9/14.
3.17 is the cheapest I saw today. I'm still confident I'll never see .98 a gallon again. The news was saying that OPEC is flooding the market with oil to run smaller oil companies out of business. Our benefit is ultimately their gain as they continue to corner the market.
You are correct. It will take an effort to reeducate the politicos and tree-huggers to understand that in order for oil prices to become rock solid stable that the USA needs to accelerate domestic production as much as possible/feasible.
When west Texas crude was $90 per barrel, we were paying $1.25 per liter CAD. ($4.75 per US gallon) now that Crude is under $70, we are paying around $.90 per liter. And I live right next to the first major oil discovery in Alberta (Leduc #1)
I just gassed up today at Costco for 3.10 a gallon. Cheapest I've paid in years. Thank you you terrorist loving OPEC folks.
Our local TV news here in Baton Rouge ran a story this morning to tell viewers that as prices for crude continue to drop, Louisiana's economy will suffer even more, by a loss in state tax revenues and industry jobs.
It's crazy to think that sub 3.00 dollars a gallon is a great price when for decades we paid less than 2.00 or even 1.00 dollars a gallon. There is so much going on in the background to brainwash us that it is sickening.
I worked at my father gas station from 1949 until the late 50's ( in Indiana) I remember pumping gas for 12.9 cents and still checked the tires, oil, brake fluid, w/s fluid, trans fluid and washing every window including mirrors. That was during the gas wars so it was 12.9 one day and 13.9 the next.