The average price of a gallon of gasoline in the United States recorded its largest drop ever as consumer demand continued to wane and oil prices slid, a prominent industry analyst said on Sunday.
The national average price for self-serve, regular unleaded gas fell 35.03 cents to $3.3079 a gallon on October 10 from $3.6582 two weeks earlier, according to the nationwide Lundberg Survey.
It was the lowest national average price since March 21, 2008. Since peaking at $4.1124 on July 11, the average cost of a gallon of gas has receded by 80.45 cents. Diesel fuel fell 21 cents to $3.95 a gallon, the first time since March that it has been below $4.00 a gallon.
"Plummeting oil prices and caving gasoline demand have combined to bring the biggest retail gasoline price cut in the history of the market," Trilby Lundberg, who compiles the survey, said in an interview. "We've been doing this 58 years. This is truly the biggest price drop."
Now, I know that the price drop has to do with supply and demand fluctuations--as the first paragraph of the article points out.
But while oil prices were rising, certain people--you all know who you are!--were telling us that the reason oil prices went up was that George W. Bush, Dick Cheney and the oil companies conspired to price gouge.
Logic would dictate that this same group of people--let's call them "the reality-based community" just for the sake of convenience--would now write that George W. Bush, Dick Cheney and the oil companies conspired to de-gouge and thus give Bush, Cheney and the oil companies as much credit for reducing the price of oil as they gave them blame for increasing it.
But since when has the "reality-based community" followed the dictates of logic?