As I write this, the per-barrel cost of West Texas Intermediate (WTI) oil has dropped to $43.31. That is below the lowest closing price in the last five years ($43.39 on March 17th).
In March, gasoline prices in my area dropped to the $1.70\’s….and were in the $1.60\’s elsewhere in New Jersey.
Now, they are in the $2.25 – $2.40 range. The fact that prices tend to be somewhat higher in the summer does not begin to explain this disparity.
Why should I – and everyone else – not be outraged?
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UPDATE: It is 2:48PM and WTI is down to $42.76 a barrel.
Maybe I should refer to this as a DOWNDATE
