Monday, July 7, 2008

Gas Prices Drop!

Oil prices dropped by 4 dollars a barrel today! In anticipation of the 4th of July holiday, traders drove up prices last week as they stock piled oil. With the holiday over, there's more oil on the market, which mean slightly lower prices. 

The question is of course whether the price will stay where they are at for a while. Analysts are quick to say lower prices won't last, however even a little financial relief is something, especially when you consider the United States spends $1 billion more on gas than it did five years ago. 

Like many Americans, I need to drive to work and even a minor price decrease is welcome. Yet high gas prices have forced Americans to reevaluate their energy consumption and using less of anything is good in the long run. The higher prices have also forced the private sector and the government to take action and start developing green energy sources. It's just unfortunate that it takes a crisis to produce positive action. 

(Original reporting by the Associated Press.)

1 comment:

jcert said...

*jumps in car and races to next gas station*