WASHINGTON — The recent sharp drop in the global price of crude oil could mark the start of a massive sell-off that returns gasoline prices to lows not seen since the late 1990s — perhaps as low as $1.15 a gallon.
"All the hurricane flags are flying" in oil markets, said Philip Verleger, a noted energy consultant who was a lone voice several years ago in warning that oil prices would soar. Now, he says, they appear to be poised for a dramatic plunge.
Crude-oil prices have fallen about $14, or roughly 17 percent, from their July 14 peak of $78.40. After falling seven straight days, they rose slightly Wednesday in trading on the New York Mercantile Exchange, to $63.97, partly in reaction to a government report showing fuel inventories a bit lower than expected. But the overall price drop is expected to continue, and prices could fall much more in the weeks and months ahead.
Drove past a Valero station in what, admittedly, is not the best area of town (it's near where I work, say no more).
Two-sixteen a gallon.
So surely the leftist media will be praising Bush for . . .
Never mind.
Wait. Obviously Bush, the former governor of Texaco . . .
Never mind.
Here's the deal. Falling gas prices may save Bush and the GOP the House. And if you don't think the Dems are going nuts over this, you're nuts.
Well, fair is fair. The Dems rode three-dollar gas like an outlaw on his horse.
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