U.S. Pump War on Russia or Debt Bubble Collapse? Gas Is Now Officially Cheaper Than Milk…”Back during the 2012 elections, in a debate against Mitt Romney, Obama claimed that falling gas prices signaled the verge of economic collapse.”
Melissa Melton
Activist Post.com
Saturday, November 8, 2014
You’ve probably had more than one sigh of relief at the gas pumps lately here in America. Gas is averaging under $3 a gallon across the nation. In some places, it’s under $2.50. Gas prices haven’t been this low in nearly half a decade.
“It’s stunning what’s happening here,” says Tom Kloza, chief oil analyst at the Oil Price Information Service. “I’m a little bit shocked.”
The national average price of gasoline fell 33 cents to end October at $3 a gallon and dipped Saturday to $2.995, according to AAA. That marks the first time in four years that gas has been cheaper than $3 a gallon.
When the national average crossed above $3 a gallon in December of 2010, drivers weren’t sure they’d ever see $2.99 again. Global demand for oil and gasoline was rising as people in developing countries bought cars by the tens of millions and turmoil was brewing in the oil-rich Middle East.
Now demand isn’t rising as fast as expected, drillers have learned to tap vast new sources of oil, particularly in the U.S., and crude continues to flow out of the Middle East. (source)
The price has only continued to drop. Buying a gallon of gas is now officially cheaper than buying a gallon of milk. So is that a good thing or a bad thing?
Back during the 2012 elections, in a debate against Mitt Romney, Obama claimed that falling gas prices signaled the verge of economic collapse.
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