Gas is $2.35 or so for regular in NY...
But anyone saying that gas prices have dropped because Obama got elected doesnt understand the economy at all.
While I, like everyone else am thrilled prices have dropped, this is like a cancer patient losing weight. Someone may have struggled to lose 25 lbs or so for years, but finally losing it cause you have cancer is not the way you want to get it done.
The same is true of gas prices. They are dropping cause oil futures contracts are being secured for next to nothing (compared to a few months ago). That has absolutely nothing to do with oil compaines in this country since they are responsible for very little of the oil traded on the global market, which is where we (like every country out there who uses free markets) buys/secures their oil. The reason oil is dropping is because (1) our currency has improved in value relative to other currencies (that isnt all good by the way - trade exports suffer), and (2) because global demand is dropping cause we are going into a massive global recession and we will probably have several regional "depressions" throughout the world.
Case in point: Citi just cut 53,000 jobs today. That is 53,000 people that are going to be using less gas cause they arent commuting every day. That reduces demand. Replicate that hundreds to thousands of times in the country that uses 25% of the oil on this planet and prices will plummet. Since the price of a barrel of oil is traded based on future need, that is why the price is dropping. It is nothing more complicated then that...
So yes, I am glad that oil/gas prices are going down, but again, this is like someone who has cancer finally losing weight. Its the icing on a big piece of sh*t.
