A few weeks ago when gas was at or above $4.00 a gallon ($3.97 is the most I ever spent locally), I read that gas was expected to slowly decline to $3.50 by the end of June. That seemed like a great hope beut so far off.
Today, sure enough, I noticed gas for $3.51 and we still have a couple more days til the end of the month.
The Administration is taking credit for the decrease because of their decision to release 30 million barrels of oil from the Strategic Petroleum Reserves (SPR) along with a matching amount from Europe, but it is the improving dollar and lower demand for oil that is making the difference.
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Thank you, Steve, saw $3.59 today and thought, who's going to take the credit here. I never would've guessed.
WE are at $3.45 today. When the clown in Washington announced the release of the oil we were already down to $3.49.
Kevin,
Hard to believe they would take credit since they didn't accept the credit for running up the price. :)
Steve
William,
Selling the SPR was just dumb. Totally unnecessary. Continues to show how little they understand about our economy - but maybe intentional to mold their agenda. :)
Steve
Steve - we were already below $3.50/gal around here before the grandstanding (big question, why when Clinton released reserves did the price only go down by a couple cents). If people don't start grabbing onto Obama's claim that increasing the supply reduced the price as leverage for increased U.S. production, we are sunk.
The tapping of Strategic Reserves has little to do with the price of oil, other than toward Wall Street perception. The US consumes the better part of 20 Million barrels of oil per day, so releasing 30 to 60 Million doesn't add up to much. On the other hand, watching the chaos in Europe unfold definitely makes for a good distraction, and concern over future demand. (pay no attention to the man behind the curtain who is so desperately trying to keep people from noticing similarities between Greece, and California, or Illinois)
Mike,
The price has been going down due to improving dollar. The release could not have any impact yet anyway. :)
Steve
Ron,
Absolutely. Well said. :)
Steve
Steve, you just have to laugh! Really. This less than thought out "move" by obama and weenies is pitiful. It means nothing and no one will remember it when oil starts rising again.
Doesn't it make you wonder though if obama's IQ is barely above room temperature?
Georgia,
I worry more about those so-called experts he listens to. :)
Steve
The end of QE2 has more to do with gas prices going down than any other action.
They just announced releasing the oil a few days ago. Prices have been declining for weeks. Apparently politicians realize how dumb most Americans are.
Dale.
That has helped the strength of the dollar which has impacted the gas prices. :)
Steve
Rob,
The SPR move was a bonehead one - like so many other administrative actions. :)
Steve