Tuesday, December 2, 2008

Silver Lining?...

Or is it?

Today's post is a photo-econometric one. OK, not really, because I don't pretend to know anything about economics other than "law of supply and demand." Sometimes, even a photography nerd takes pictures purely for documentary purposes, and the falling gasoline prices of the past few months promted me to take these.

But I can't resist a small comment about all this. Remember a few months ago, when gas prices were passing four dollars a gallon? Remember all the screaming in Congress and the media about "speculators" driving up the price of gas. Well guess who has been driving it down lately. Do you think any of the firebomb-throwers in Congress will do an Emily Latella over this?

As I filled my tank today at $1.649/gallon, I realized that this was about the price of gas in September 1990. It may not be unadulterated good news, however; this low price reflects the futures market - that is, the "speculators" are betting that oil demand will stay low for a while as the economy declines worldwide.

Meanwhile, let's not go back to our old gas-guzzling habits, but let's enjoy these prices while we can.

2 comments:

Faithful said...

I can't believe these prices!
When I was in the US (left it about 5 months ago) prices were so much higher!
I miss the US!

Faithful said...

I can't believe these prices!
When I was in the US (left it about 5 months ago) prices were so much higher!
I miss the US!