As I type this (at 11:20AM) West Texas Intermediate oil is trading at $42.18 a barrel. That is the lowest WTI has traded at since February, 2009 (which also is the first full month Barack Obama was President, after which it zoomed up – make of this what you will).
That is 31% lower than the $61.05 it was trading at on June 23, less than two months ago.
In March, when WTI prices droped to about $43 a barrel, gasoline prices dropped to the $1.60 – $1.80 range in my area.
But now, as after it has stayed within a couple of dollars of this level for the past week, gasoline prices have barely dropped at all, and are currently in the $2.25 – $2.40 range.
Why should this be? And why should we not be outraged by it?
