No Bottom Yet!
From the business pages the news continues to be great for most consumers and those who run fuel dependent businesses.
One report today read this way:
Benchmark U.S. oil prices dropped below $50 a barrel for the first time since April 2009 as surging supply signaled that the global glut that drove crude into a bear market will persist.
West Texas Intermediate slid 5 percent in New York while Brent fell below $55 in London for the first time since May 2009. Russia’s output rose to a post-Soviet high while Iraq, the second-largest producer in OPEC, plans to boost crude exports to a record this month. The price drop accelerated as the dollar climbed against the euro amid investor concern Greece might leave the currency union.
Gasoline has been pushed in the $1.60 range in some places already and how much lower can it go is the real question. At some point it hurts other businesses and puts a squeeze on the economy but for now it is very good news for me every time I fill the tank.