Bloomberg News reports that the price of gasoline is about to plummet.
Good news, yes? Sure, if you’re a motorist who dislikes pouring money into his motor vehicle fuel tank. I’m one of those.
If you’re a government official who serves a state — such as, say, Texas — that depends on oil revenue to fund government services, well, the news isn’t so great.
My self-interest makes me happy about the news.
OPEC is refusing to cut production of oil. U.S. supplies are at an all-time high. We’re driving more fuel-efficient vehicles these days. We’re developing alternative energy sources. Hey, it’s all good.
I don’t like paying nearly four bucks a gallon for fuel, which is what we were shelling out two years ago. Today, the price of gasoline in Amarillo is around $1.62 per gallon.
It’s interesting, too, to note the silence from Barack Obama’s critics now that fuel prices are heading south. When they were skyrocketing in the other direction about midway through the president’s first term, the critics were blaming him personally for the hardship. These days, he’s getting none of the love.
Does he deserve it? Aww, probably not.
Neither did he deserve the blame when the prices were going the other way.
Thanks, OPEC, for the holiday gift.