Who's Ready to Party Like It's 2008?
Break out the champagne and 7-liter engines. Have one on us, alright?
The Wall Street Journal and Reuters are reporting that despite a mild increase in crude, oil is hovering around $40 a barrel and it’s expected to further dip in coming months to a six-year low on a global glut of oil.
The national average for a gallon of gas could drop to as low as $2, Green Car Reports says, which would be the cheapest its been since January, and could approach historical lows from 2008.
Brent crude (light, sweet oil that serves as a trading standard) dropped on worries that a slumping Chinese economy would further slide and European uncertainty about Greek’s flailing economy.
American crude reserves will likely increase in the short-term as refineries prepare for off-season maintenance, which would reduce demand for crude and drive prices down further.
In crude’s corner, worries about hurricane season — and that’s about it — kept the bottom from falling out.
Although stone-cold cheap gas seems like a good deal for drivers, it may not be the best for the economy and energy-sector jobs. This year, the Wall Street Journal excellently reported how super-cheap gas wasn’t exactly great in the 1980s either.
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