Yahoo! News tells us, "The price of oil recorded its biggest weekly drop ever, and a gallon of gas finally pulled back from its record high."
Kinda brings a tear to your eye, eh?
Remember, oil companies always say prices are set by supply and demand. As I have written elsewhere, what this really means is they have the supply and they can demand whatever price they want for it.
Maybe the drop off in demand from gas going over $4 a gallon is enough to convince them that Americans may be addicted to driving, but they may be more than willing to break a dependence on gasoline.
1 comment:
I heard on the news this week (I think public radio) that Russia is producing more oil than Saudi Arabia (although Saudi Arabia has more reserves).
The United States has enough energy resources (coal, gas, and oil) to meet its needs, just as Russia is doing. The United States is one of the most energy rich nations on earth, especially considering the amount of sun and wind power to be tapped.
I want a coal powered electric car.
JCarp
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