Expliquer s'il vous plait:
Oil was at $147 a barrel. Gas was at $4.50 a gallon.
Oil has dropped to $65 a barrel. More than 50% drop. Price of gas is $3.05
OPEC cut 1.5 million barrels a day. Miles driven by US drivers has dropped more than at any time in over 60 years. That drop will more than compensate for the cut in oil along with worldwide driving down.
The world continues to spiral into a recession - from Pakistan begging for money to Iceland to Germany and Russia, Venezuela with no electricity to Iran having one of the highest unemployment rates outside of Gaza.
And OPEC has decided it will be good to cut oil and further deepen the world wide recession.
And gas prices, we are told, have hit the bottom (within a few cents).
That makes perfect sense - in some alternate dimension.
Several years ago when oil was selling for $55 a barrel, the industry and OPEC were ecstatic. Now, when it sits at $65, they are running for the pump turn off switches.
I can only imagine - several refineries will shut down or otherwise break down in the next month or two, a hurricane will shut a couple more down, suddenly someone will realize their numbers were off and demand is higher and we will see gas back at $4 a gallon.
NONE of that makes sense. What we should see is a 15-20% increase from gas prices when oil was $55 a barrel. That is what we should see.
Expliquer s'il vous plait, parce que je n'a pas de cerveau. Merci.
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