Can someone please tell me how in the hell I keep reading about oil prices dropping yet the prices at the pump keep creeping back up?
By the way, PROPS TO YOU, AMERICA! After seeing oil skyrocket to $4/gallon this summer, we proved to the rest of the world that we won't succumb to jacked-up prices. My dad, who works in the oil and gas industry internationally, has said the goal of OPEC and the oil industry in general is to get America up to paying prices for gas that they pay overseas. In most countries, gas is the $US equivalent of $7/gallon or more. The international industry wants the US paying those kinds of prices. When they jacked us up to $4/gallon in 2008, we responded with a big middle finger and said, "sorry, we'll find another way". Consumption in the US plummeted, and the market responded. Suddenly, by November, there was such a huge surplus that OPEC had to call for emergency production cuts to keep prices from tanking. So now here we sit, right around $2/gallon nationally. We bottomed out around $1.60 (man, I was hoping to see prices less than a dollar again!), and are slowly creeping back up.
I'm no economic expert, but I love the fact that the US responded and said, "we'll carpool, we'll skip vacations, we'll take the subway/train/bus, but we ain't paying no $4 a gallon for gas". So thanks, America. Now bail out on your summer vacations again so I can keep sub-$1/gallon prices in my realistic wishlist again.