Thursday, October 23, 2008

The Good Gas News

Amid all the other economic "turmoils" that we're being told to panic over, there's a little variable that's getting lost in the that everyone was throwing a complete fit over just weeks ago.

Analysts were saying oil could double to $200 per gallon, gas prices could reach $5 per gallon easily, and it could be a social crisis of unbounded impact.

Now, quietly, with very little attention being focused on it, gas prices have fallen more than a dollar and a half, or more than 30%!

Gas is now $2.49 in my area, and according to the Dallas Morning News, it is below $2 in parts of Texas. (Price not seen since 2005, according to the chart.)

AAA calls the drop "unprecedented," attributes the change to good old market forces and the Business Journal anticipates even steeper price decreases.

But of course, CNN's ready to drop cold water on the good news; Cheaper gas not the answer, their website declares. (Sub-sub text: "Obama is"?)

**Update 11/6/08**
Gas is now down to $1.87/gallon in my area. Surreal.

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