Oil and Gasoline Inventories Up - Again
Crude Oil is used for much more than merely heating houses or gasoline for cars. Uses include plastics and cosmetics, for example. At its high in July, crude was over 147 - right now it's 68.20.
Gasoline was 3.58 in mid July - now it's 1.57. Of course this is the futures wholesale price. The retail price here in New Jersey is roughly 30 cents higher. That equates to gasoline in NJ less than $2.00 in a few months if price doesn't reverse and zoom up.
The tremendous reduction in retail crude and gasoline prices is acting as a giant, if unheralded, tax cut on the overall economy. Money that people formerly had to give to their local gas station is now available for other expenditures.
Gasoline was 3.58 in mid July - now it's 1.57. Of course this is the futures wholesale price. The retail price here in New Jersey is roughly 30 cents higher. That equates to gasoline in NJ less than $2.00 in a few months if price doesn't reverse and zoom up.
The tremendous reduction in retail crude and gasoline prices is acting as a giant, if unheralded, tax cut on the overall economy. Money that people formerly had to give to their local gas station is now available for other expenditures.
posted by Jeff Springer at
12:17 PM
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