Marketplace.org recently took a hard look at America’s latest trend for gas prices. Crude oil has dropped by another $20 bucks per barrel, lowering our price per gallon by 30 to 40 cents.
Avery Ash of AAA believes that last month’s $20 price drop for crude may lead to a 50 cent price fall per gallon of the refined stuff. Each buck that falls from the price of crude generally leads to a discount of 2 to 3 cents per gallon, so we may have more savings on the way.
Phil Flynn of Price Futures Group takes an even more optimistic view, proclaiming that “We have the most oil in the United States we’ve had since the 1990s.
Europe’s supplies are overwhelming. You’ve got OPEC producing the most oil they have in over 30 years.” Given this global glut, Flynn speculates that our planet can’t provide enough buyers to sustain rising gas prices. This is good news for a troubled world economy that struggles to kick start new commerce. Cheaper oil prices will lead to cheaper oil-based fertilizers, more economical transportation costs, as well as price falls for produce, to name a few.
Still, you’d better think twice before you power through this global glut in a shiny, monster SUV. The oil market remains highly speculative, and fossil fuels still choke our atmosphere with carbon emissions to increase global warming. Hybrid cars, renewable energy sources, worldwide conservation, and mandated sustainable initiatives will define the Earth which nurtures future generations.
Sick of going broke at the pump? U.S. Green Chamber recommends taking action in a very physical way.
VIDEO EXTRA: Bike-to-work commuter and energy analyst Jamie Webster explains why high gas prices changed his commute.
- Good News On Gas Prices (huffingtonpost.com)
- Gas drops nearly 16 cents in the last three weeks (bottomline.msnbc.msn.com)
- $3 gasoline could happen for some states as prices continue decline (fuelfix.com)