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October 26, 2008
Investors like me are being hit hard at the pump!
Gas prices are falling so fast that I'm actually worried: CAMARILLO, Calif. (AP) - A national survey shows gas prices continue to decline, tumbling nearly 53 cents a gallon in the last two weeks.Here in Ann Arbor, it has taken a nosedive from over $3.00 just weeks ago to its present low of around $2.50. That's lower than I've seen in at least a year, and here's why I'm worried. I filled the nearly empty tank of my car at the going price a few weeks ago, and I hardly ever drive now, because nearly everything is within walking distance. So every day I'm watching my investment -- that full tank of gas -- plummet in value! With prices dropping the way they are, I have seen the value of my investment drop by over 15% -- just in the past two weeks! With no end in sight! By any definition, that's a crisis. I notice Glenn Reynolds is asking the obvious question So where are all the cheap-gas news stories?There are none, of course. Clearly, they're all in cahoots trying to keep this quiet in the hope of preventing a panic. So what do I do now? I can't enjoy cheaper driving, because I paid a lot of money for that gas, and if I do drive, I have no choice but to use it at the price I paid for it, which is totally unfair, because other people get to drive around with cheaper gas. Who will bail me out? Can't the government do something to stabilize the value of my investment? What I really want to know is, where are all of the gas pump price-gouging monopolists when we so badly need them? UPDATE: More bad news from Glenn Reynolds: GAS DROPS BELOW $2 A GALLON in Tennessee.Is it time to panic yet? Or will Peak Oil save us? posted by Eric on 10.26.08 at 08:49 PM
Comments
I didn't realize how deadly serious I must seem. Eric Scheie · October 26, 2008 10:30 PM I assumed there was a point about markets, oil companies, and media coverage buried in the joke. No? AemJeff · October 26, 2008 10:41 PM Wait till that can of soup you bought on sale for $!.29 drops to 99¢ retail. Alan Kellogg · October 26, 2008 11:44 PM There is a solution: if somebody (I'm not saying it has to be you) started firebombing refineries it would drive prices up. If a guy knew in advance something like that was going down, he could buy a whole lot of gasoline and watch his net worth skyrocket. Steve Skubinna · October 27, 2008 06:48 AM Post a comment
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$2.50 a gallon is low enough to warrant headlines? I think you have a short memory.
I might add that if you were to plot retail gas prices against per/bbl petroleum costs, the price seems to rise much faster than it falls. Petroleum costs have fallen by more than half, gas price: not so much.