still waiting for this to translate into lower gas prices.
I’m waiting for it to be a turning of our back to most Arab problems, except where it concerns Israel.
“still waiting for this to translate into lower gas prices.”
It has already happened.
Gas was over $4/gallon a few years ago, and we pay lower prices than Europeans today, even after taxes are removed (because our West Texas Intermediate costs less than their Brent).
Basically, US production roughly keeps global oil prices in the “Shale Band” of $45-65/bbl.
We would have to ramp up production big time to keep up with demand however, if the global economy takes off.
It already has. See:https://energy.gov/eere/vehicles/fact-915-march-7-2016-average-historical-annual-gasoline-pump-price-1929-2015
If you removed the state and federal taxes, it’s even a better deal.
You are kidding right?
When bottled water costs more than gasoline, I'd say gas prices are pretty low right now.