We city folk usually do not get this good of a price. But wait, wasn’t the price of gas supposed to skyrocket during emergencies?
By Miguel.GFZ
Semi-retired like Vito Corleone before the heart attack. Consiglieri to J.Kb and AWA. I lived in a Gun Control Paradise: It sucked and got people killed. I do believe that Freedom scares the political elites.
Regarding the price going up immediately, that usually happens when the demand is expected to spike, or refining capacity is expected to be reduced, in either case resulting in a supply shortage. Think, say, a hurricane expected to hit the gulf coast, and lots of people trying to get out of the area while refineries are being shut down to help protect them against storm damage. In this case, the refining capacity is still there, but people and businesses aren’t using as much gasoline, so…
And, yeah, we’re locally seeing prices that are 2/3 of what they were a couple of weeks ago. $1.57 at one of the reservation pumps nearby.
That’s because the Russians and the Saudis are flooding the market with oil. They’re hoping to take advantage of our current economic predicament, and drive the fracking industry out of business. If oil is cheap enough, fracking makes no economical sense. We’ve been a net exporter of oil for a few years. They’re hoping to end that.