Gas Prices Could Drop 50 Cents By June, Experts Say
NEW YORK — Some relief from suffocating gas prices will likely arrive just in time for summer vacation. Expect a drop of nearly 50 cents as early as June, analysts say.
After rocketing up 91 cents since January, including 44 straight days of increases, the national average this past week stopped just shy of $4 a gallon and has retreated to under $3.98. A steady decline is expected to follow.
It might not be enough to evoke cheers from people who recall gas stations charging less than $3 a gallon last year. But it would still ease the burden on drivers. And it might help lift consumer spending, which powers about 70 percent of the economy. A 50-cent drop in prices would save U.S. drivers about $189 million a day.
Oil, which is used to make gasoline, tumbled 15 percent in price. Investors who were worried about rising oil supplies and falling gasoline demand in the United States helped drive down the price. Oil prices were also responding to a rising dollar. Oil is priced in dollars. So a stronger dollar makes oil less appealing to people buying with foreign currencies.
"It's going to be $3.50 per gallon this summer," oil analyst Andrew Lipow said. "At the very least, you can expect prices to fall 40 cents or so over the next several months."
Well, dang... There goes another phony outrage-of-the-day issue. Oh, wait. Since it was Obama's fault that the price of oil, and therefore gasoline, increased, it must be his policy (read: fault) that the price of oil has gone down 15%. So much for the tiresome talking-point that the price of oil is going up because they said NO to the Koch Brother's pipeline.
I guess "Drill, Baby, Drill" hasn't completely taken over "Leave no trace behind"...yet.
Why, yes... I remember $4.00/gallon gas in 2008--and who was president... But as I recall, all of the conservatives said "The President has no control over gas-prices." How soon we forget.
You keep regurgitating your talking-points... I'm sure there are some Righties who will keep sucking it up...
A complaint sent to the Securities and Exchange Commission (SEC) in January accused TransCanada of using “false or misleading statements about the proposed Keystone XL pipeline,” and “consistently used public statements and information it knows are false in a concerted effort to secure permitting approval of Keystone XL from the U.S. government” with claims the pipeline will create American jobs “at a rate that is 67 times higher than job creation totals given by the company to Canadian officials for the Canadian portion of the pipeline.” TransCanada admits the pipeline’s construction will create at best, a few thousand temporary jobs, and that the Canadian oil will be sold to China and Europe on the foreign market.
TransCanada also reported that instead of reducing fuel prices for Americans, it will increase them because the pipeline will drain off oil reserves as it passes over the Ogallala Aquifer that supplies drinking water to 2 million Americans and is the primary source of groundwater for 20% of America’s agriculture. The potential for environmental disaster is immense because another TransCanada pipeline spilled 12 times in one year, and two years ago in Michigan the Lakehead pipeline system ruptured; crews are still cleaning up the mess because instead of floating, tar sand oil sinks. Those are indisputable facts about the proposed Keystone XL pipeline, and still, Boehner continues assailing the President for not granting an immediate permit.
It was reported here
, here
, and here
that Boehner owns stock in seven Canadian tar sand companies and stands to make financial gains if the pipeline is built. Boehner’s financial disclosure shows he purchased stock in Canada’s tar sand companies in 2010, so it is no stretch of the imagination to assume he bought stock in time to profit from the pipeline’s construction, and it explains his rabid push to get it started.
Imagine my surprise.... :VeryScared: You need a new talking point--That one has been disproven so many times it's growing barnacles.
