Monday, December 8, 2008

The Upside of a Collapsing Economy? The Return of $1 Gas!

Posted By on Mon, Dec 8, 2008 at 5:15 AM

click to enlarge gas_prices_sign-thumb-200x200.jpg
Okay, so things are getting rather bleak out there. But there's an upside to your misery: We may well be looking at the return of $1 a gallon gas.

Since July, the price of oil has fallen 72 percent. Just last week it dropped by 25 percent alone. In the past, such declines were often reversed by mysterious problems in the old industry. Bad weather strikes somewhere between Louisiana and Texas, or the industry issues vague claims about refinery woes and--presto!--prices begin to soar faster than a Yankees bid for a middling free agent pitcher.

But the $4-a-gallon era had the unintended consequence of forcing drivers to cut back on consumption. And Big Oil can't create another artificial crisis when no one has the money to pay for it. Which has led to a fool-proof defense for being gouged at the pump! We're broke!

While $1 a gallon might be too much to ask, some believe parts of the Midwest may be seeing prices in the $1.25 range soon. And given that U.S. layoffs numbered 500,000 last month--the highest figure in three decades--prices shouldn't be reversing course anytime soon.

So revel in your poverty, dear reader! The man with no money cannot be gouged!

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