I blogged (yes, it’s a verb!) yesterday about gas prices dropping below $2/gallon by Christmas. I was pessimistic. In thirteen states, including Missouri, that goal has already been reached.
Just two weeks ago, a sole gas station in Oklahoma swept headlines for dropping gas prices below $2 a gallon. Today, 13 states have joined that list, and the trend is expanding.Gas for less than $1.90 a gallon can be found in at least one station in Oklahoma, Louisiana and Ohio, according to CNN. CNN cites 10 additional states– Alabama, Arizona, Colorado, Indiana, Mississippi, Missouri, Nebraska, New Mexico, Texas and Virginia– that now have gas below $2 a gallon.“What we’re seeing is markets at work,” Heritage Foundation economist Nick Loris said. “Significant increases in supply and a relatively weak demand is lowering prices not just at the pump, but for most of the goods and services we pay for.”
The national average has dipped to $2.55 a gallon, marking the lowest drop since October 2009, according to AAA’s Fuel Gauge Report. Just a year ago, that average was $3.23.
“Oil prices are plunging because there is so much oil in the market,” AAA spokesman Mark Jenkins said in a press release. “It’s unclear exactly how long this will continue, but gas prices will keep falling as long as oil prices do.”
Jenkins said oil prices are predicted to continue dropping through the first half of next year, increasing the “likelihood of $2 gasoline.”
CNN partially attributes this drop in prices to decreased oil demand because of the “economic slowdowns” across Europe and Asia along with increasingly fuel-efficient vehicles.
Another key reason for the drop is the increase in U.S. output. Domestic oil production is at a three-decade high, contributing to the increase in supply and driving down costs.
But Loris cautions against celebrating too soon.
“The falling prices are certainly a welcome relief,” he said. “But that doesn’t mean policymakers should ignore the government-imposed regulations and restrictions that artificially inflate prices and prevent markets from working more efficiently.”
Low gas prices is a Christmas gift to us all.
I’m a Mark Levin fan. I have most (all?) of his books. I don’t agree with everything he says, but I do believe most. He is one of the stalwarts of conservatism in the country. His Landmark Legal Foundation is in the forefront litigating for our liberty and the retention of our constitutional rights.
He also has a temper.
– The Washington Times – Tuesday, December 16, 2014
Conservative talk radio icon Mark Levin blasted his fellow Republican Party members during his most recent show, slamming the leadership for caving on the budget and for, time after time, ignoring basic constitutional principles.
“The Constitution is in tatters,” he said, adding that he was “one inch away” from breaking with the Republicans.He went on, Newsmax reported: “I want to tell the Republican leadership, the RNC, the NRSC, the NCCC, the NAACP — whatever they call themselves in the Republican Party — I am one inch away from leaving you. And I bet I speak for hundreds of thousands of people. One inch. You think this is a joke? You think you can lie to the American people?”
He spoke specifically to Republican promises to defund Obamacare and fight President Obama on immigration amnesty — and the recent failures of GOP leadership to take advantage of the budget dealings with Democrats to do just that.
“Do you think you can lie to … conservatives about how you’re going to defund Obamacare, run millions of dollars on ads on that to get re-elected, on how you’re going to fight unconstitutional amnesty? Tooth and nail? You think you can lie to us with impunity? And repeatedly? I don’t care how many millionaires and billionaires you have in your damn back pocket,” he said, Newsmax reported.
Mr. Levin then blasted the Republicans for speaking ill of Sens. Ted Cruz and Mike Lee in Politico and other media outlets.
“You sound like a bunch of munchkins,” he said. “Backbenchers. Immature! Stupid! Childish comments. I don’t know what this is going to add up to. I don’t know why we’re here. I’ve seen this movie before, and you’re so ineffective. You’re so impotent.”
Mr. Levin also said that he “worked for a president who shut down the damn government over half a dozen times. It’s not the end of the world. … Our Constitution is in tatters.”
Levin’s rant comes on the same day RINO Jeb Bush announced the formation of an “exploratory committee,” i.e., how many donors he can corral. Levin carries a lot of clout. His ‘Convention of States’ continues to gather more support. If another Romney or Bush RINO gets the nomination on 2016, the GOP is dead.