Don’t get use to it.
I’m sure by this summer or by Labor Day we’ll be right back at $3.50+ a gallon once the Saudi’s believe they have crushed Russia, Iran, and the US virtually out of the oil market.
Look for a terror attack to raise it up again.
Gas price drop a result of Republicans taking control of all of Congress - NOT!
The very worst thing possible would be for the legislatures ANYWHERE enacting a gas tax increase, to “keep the prices up”. As if high fuel prices were of benefit to any economy.
The Russian Federation would be well advised to crank up their own energy-intensive industries, and consume much of their domestic petroleum production within their own country, exporting the finished products from an expanded industrial base rather than the petroleum.
The Saudis have no go-to industrial base outside their petroleum extraction and some refining capability. They have no other heavy industries that can be used for export purposes. Eventually, this is going to bite them in the gluteus maximus.
The US will continue to find ways to extract the petroleum and natural gas through fracking and other innovative technologies, both cheaper and with more wide-spread application. A booming economy can stand the higher costs, it is when the entire economy is shriveling that the rising gasoline prices become inordinately onerous.
Automobiles and heavy transportation should be powered by compressed natural gas or propane instead of gasoline or Diesel oil, anyway. We should be shifting to this source just as swiftly as the market can bear it, even if it means retrofitting existing vehicles. The capability to expand the supply infrastructure is the other leg of this shift. New vehicles designed specifically for the use of gaseous fractions of petroleum would go far in making ever more efficient use of the resources we now have.