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Gas Prices In Free Fall

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HOW LOW WILL THEY GO?

By FITSNEWS  ||  The average price of a gallon of unleaded gasoline in America is $2.66 … down 21 cents from our last check (three weeks ago), 60 cents from this time a year ago and more than $1.00 per gallon from this year’s summer peak.

Oh … and the price could fall even lower if the price of oil continues to plummet (which they are expected to do).

Oil prices are currently less than $65 a barrel – the lowest they’ve been in more than five years.  With further declines projected, gas prices could drop below $2.00 per gallon as soon as next spring.  And that’s the national average we’re talking about … most states could see prices drop even lower than that seeing as states like Hawaii, Alaska, New York and California tend to skew the national average higher.

Low prices are good news, right?  Sure … although the savings at the tank has yet to make a dent in America’s lagging consumer economy.  And as we’ve noted, the domestic revolution driving this enhanced production doesn’t appear to be sustainable (although it would be much more sustainable if we fully expanded production).

Here in South Carolina, gas prices are currently $2.44 per gallon of regular unleaded – third-lowest nationally.  Of course South Carolinians have always paid a disproportionately high percentage of their incomes on fuel given how little they earn.

Which is why we’ve always opposed raising the gas tax … and always will.

Well, that and the fact South Carolina doesn’t have a revenue problem when it comes to infrastructure needs … it has a prioritization problem.

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