About the drop in gas prices | Arkansas Blog

Tuesday, July 10, 2012

About the drop in gas prices

Posted By on Tue, Jul 10, 2012 at 6:37 AM

Republicans were predicting $5 or $6 gas this summer and had the commercials in the can to blame President Obama. Gas prices dropped. Obama will get no credit, of course.

Columnist Tim Egan explores gas prices today, with inconvenient facts for Republicans who want to find an Obama explanation for every societal ill and carry the torch for the Kochs and energy producers, already awash in profits.

Republicans talk Keystone pipeline (an environmentally problematic Canadian scheme to get oil to U.S. refineries for shipment to foreign markets — and have no impact on global fuel prices) while facts show dependence on imported oil in the U.S. has dropped from 60 percent to 45 percent of total consumption since 2005. Last year, the U.S. became a net exporter of petroleum products. Writes Egan:

It won’t fuel a talk radio rant on a long drive — better to listen to Springsteen sing about a “pink Cadillac” — but gas prices are pegged to a basic tenet of this summer’s economic conditions. Supply is up, demand is down, and prices have fallen. Even Donald Trump understands that, at some level.

Noted: This web tracker found $2.95 gas in Dumas in the last 36 hours. And in LR.

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