Monday, October 13, 2008
Are Oil Prices Rigged?
I read an article written by Ari J. Officer and Garrett J. Hayes in Time magazine. They talked about the amount of oil used daily and it was pretty significant. The amount of oil has reached about 80 million barrels a day. They were talking about how each barrel now costs around $110 and the price is slowly, but surely decreasing. I agree with what they said, and want to see how the price of oil could affect the economy. Our economy is dependent on oil. The tax on oil goes towards the government paying off some debt. The lower that the prices go, the less money that the government gets to pay off their debt. In some ways, it's nice knowing that prices are going down as a car owner, but as a member of the society, it might not pay off in the long run with the status of the economy.
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Yes gas prices are rigged! Every single driver is always thrilled to see those lowered gas prices and will drive the extra couple of miles out of there way to find a gas station that is 3-5 cents cheaper than one closer to home. I was surprised to see that the lower the gas prices the less our national debt is being paid. i did not know that that was a factor and it does kinda make you wonder if we should just suck it up and deal with rising gas prices at a time when our economy is at its lowest point and we are headed into a major recession!
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