Notice those falling gas prices?
The early fall run-up of gas prices is quickly fading. Inventories are rising. Demand is slowing. Wholesale prices are plunging, according to a story Monday in USA Today.
“Autumn gasoline prices are about to drop faster than fall foliage,” the story began.
During the next few weeks, prices could plummet up to 50 cents a gallon from this month’s peak average of $3.86, according to the story.
Such a drop could boost consumer spending and be a factor in the Nov. 6 presidential election. Gas prices have been a hot topic during much of the campaign, the story notes. Some battleground states including Wisconsin are enjoying big price drops.
I’m sure some conservatives will consider this a conspiracy, some sort of strategy to send prices falling just in time to boost President Obama’s re-election bid. But wait; don’t those in the oil and gas industry favor the more lenient exploration and drilling pledges of Republicans? Wouldn’t the fossil fuel industry thus conspire to drive up prices, the better to elect Republican Mitt Romney?
Regardless of any political ramifications, I know I need to fill up my tank this week. I look forward to a little smaller hit on my credit card bill.