Is greater relief at the gas pumps finally in sight? If Gulf Oil CEO Joe Petrowski is correct it could go down to $1.00 a gallon or lower by next year. I for one am hoping he’s right. I just filled my tank up here in rural Maine yesterday paying $1.99 a gallon. A further dip in gas prices would surely help the economy and give a boost to those suffering and struggling in the recession.
Petrowski said while speaking at a South Shore Chamber of Commerce that “after speculators drove oil prices up, there is a chance that the market will overshoot on the way back down, resulting in much lower prices at the pump.”
Speaking of the recession… I think it’s just wonderful that our leaders have admitted that we’re in a recession and even back dated it a few months. Some of us figured that one out long ago. Paul Krugman is worrying “about next year” and asks:
…[w]ill it, in fact, even be possible to pull the economy out of its nosedive before unemployment goes into double digits?
I’m no economist, but if gas prices continue to dip, the average folk who are really hurting in this mess have a little more leeway with their money, as they will be putting less dollars into the tank. Perhaps we’ll see the cost of shipping go back down to more reasonable rates and other prices affected by the outrageous price of gas will finally start coming down as well. The rampant corporatism has been killing the American Dream. Time will tell what happens next… Stay tuned…