A few weeks before last November's election I observed that gasoline prices seemed to have dropped significantly from their record highs during the summer. I speculated that it was a ploy by Big Oil to placate the citizenry and bolster the chances of the then majority party to maintain their majority in the Congress. I said that the temporary lowering of prices would vaporize soon after the election, and that we would be back to the $3.00/gallon range that was seen over the summer.
Well, I'll have to eat my hat on this one because prices have remained relatively low since then. It was $1.99/gallon over the weekend at several stations here in East Lansing. With the current "warm" spell in the northern states, the demand for fuel oil is much lower than last year, and I suspect that gas prices will remain low, at least for the time being.
So much for my great insight into the workings of the petroleum market.
J/K
