Oil Falls to Less Than $100 a Barrel
Economic forecasters were calling for gas prices above $5 a gallon by Memorial Day. Turns out that economic forecasters share an important trait with weather forecasters. That trait being that they are wrong more often than they are willing to admit. In this case, it's a good thing.
According to CNN/Money, the price of a barrel of oil dropped sharply again today, falling more than $4 to $98.50. It's the first time that the price of oil has been below $100 in several months. Unleaded Gas, which is also traded on the commodities market, fell below $3 a gallon today.
Gas prices in the Flint area were at $3.99 at most stations earlier today. I saw a couple of places lower the price to $3.89 on my way in to work this afternoon. With wholesale prices falling to where they are today, relief should be coming soon to the pump.
How much relief, and how long it lasts is hard to say. At least the prediction of $5 a gallon has been delayed. Good news if you have vacation plans for early this summer.