Posted on 11/14/2008 10:34:23 AM PST by Sopater
After spending much of the spring and summer hyping the dire consequences of rising gas prices, CBS on Thursday night decided the plummeting cost of gas at the pump is really bad news. Noting that “crude settled at about $58 a barrel today, that's about $90 less than it was in July,” fill-in CBS Evening News anchor Harry Smith warned “that comes as a mixed blessing.”
Reporter Mark Strassmann found an ecstatic man paying less than $2.00 a gallon, but Strassmann spoiled the mood: “Low gas prices are also bad news and the lower prices go, the worse the news gets.” An “oil analyst” explained: “This is just a reflection of the poor state of the economy and the oil market is reflecting this global slow down.” Strassmann soon fretted over how “it's also a grim time for alternative energy champions” and “sinking oil prices could” hurt “plans to develop alternative sources of energy or fund green developments.”
(Excerpt) Read more at newsbusters.org ...
The reason it plunged is not good but it is a small silverlining from the current recession.
Not to worry, O’s tax plan should get that price back up to $4 in a hurry.
Maybe some production person can explain?
“Not to worry, O’s tax plan should get that price back up to $4 in a hurry.”
Almost word for word what I intended to post.
Maybe I’m not the best economist, but the lower gas prices go the better the news! The economists have done a good job so far, by golly. Put gas at 75 cents a gallon and the country will be economically healed in no time.
This is the real reason it is bad news. Nobody wants to spend tax dollars on alternative energy when gasoline is only $2 a gallon.
Massachusetts legislature is considering raising the state gas tax to help pay for the “Big Leak”.
Taxes. Big trucks are harder on the roads, and they almost exclusively use diesel, so the diesel is taxed higher to make up for the damage caused to the roads.
You ain't seen nothing yet.
“Diesel prices are still almost a whole dollar more than regular gasoline??”
I believe diesel is tax at a higher rate.
It seems to me that high energy prices had a lot to do with the decline in the economy.
If the alternatives cannot compete in the market what’s the sense is raising prices to susbsidize an inferior choice?
There are no viable renewal resources.
“Clearly the country is in shock when they see escalating gas prices,” Republican Virginia congressman Eric Cantor said. “It’s time for us to act. What we heard yesterday was Barack Obama indicate he is out of touch.” He added that “Somehow the American people should sort of somehow get used to higher gas prices … reflects that he just doesn’t get it. That people would “just have to get used to them is just out of touch,” Eric Cantor June 12, 2008
Man! Don't you read the papers? The high price of fuel at the pump has nothing to do with production costs, speculating or market forces. It's ALL price gouging!
Now get with the program...move along, nothing to see here.
Bingo! My brother has a friend who put a windmill up for electricity. When asked if it helped defray his costs, he said, "In a hurricane I can get toast."
>I paid $1.879 / gallon today. I’m good with that. ;-)
Lucky! We’re still paying $2.50 +/- .05
I dunno. The prices simply corrected themselves as a result of being falsely inflated, much like the real estate market.
This has nothing to do with the "world" economy
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