The King of Saudi Arabia doesn’t like seeing the price of oil dropping like crazy. “We believe the fair price for oil is $75 a barrel,” he said. OPEC will figure out how to stick it to us with much, much higher oil prices when that organization meets Dec. 17 in Algeria.
Funny, I don’t recall an outcry for $75 dollars a barrel oil when it cost $147 a barrel in July.
According to the AP, “On Friday, the U.S. benchmark West Texas Intermediate crude for January delivery was trading at about $54 per barrel.”
Of course, I look forward to the day when our cars do not run on oil. You know me, I say take the bus, train, wind surf, walk, hang glide, anything other than the car.
But until we stop mainlining oil, plunging gas prices serve as a type of accidental economic stimulus the Bush administration and Congress can’t pass to save our lives.