We might finally see gas prices drop below $3 per gallon, just in time for the November election.
From the Sun-Times:
Drivers who’ve been suffering cruising anxiety may get to rev it up by the holidays, when gasoline could drop below $3 a gallon, an expert said Monday.
Gasoline in some parts of the Midwest, such as in Davenport, Iowa, is already down to $2.50.
The Chicago area, where regular unleaded is selling at $3.56 on average, will benefit from demand for gasoline “dropping off the map and plenty of supply,” said Phil Flynn, energy analyst at Chicago’s Alaron Trading. Besides dropping demand, investors have realized that oil is no hedge against a falling dollar, and supply is growing as refiners pump up their volume and hurricane season closes, Flynn said.
Is this the gas-pump equivalent of sending out the street cleaners just before election day? Forgive me if I’m a bit jaded. Are we supposed to think for a moment that this is permanent?
For the record, economist Joseph E. Stiglitz is predicting that by this time next year, gas prices will spike again, most likely higher than they are now.
The Three Trillion Dollar War is not going away any time soon.
And so it goes.