It's 4.05 here
Just a little insider info: I've been told that gas will not fall below $4 a gallon until mid 2009.
I've told some of you the REAL reason prices are high but for those who I have not:
First - dont blame the oil folks, it isnt their fault. Not the Saudis, Iranians or Iraqis...It's the good 'ol US of A and our lending institutions which cause our pain at the pump.
WHY?
Oil is traded world wide in US dollars - not euros or other currencies. Our dollar value is weak (very) and it takes more to buy the same barrell of oil than two years ago because it (dollar) has lost value.
Why has the dollar decreased? Thank our lending instutions and companies like TD Waterhouse and GMAC, who will give anyone and their dog credit. Notice all the credit card and loan offers that are out there? And they will give anyone credit no matter what their past history is. Watch a car dealers commercials - Everyone rides! Bad credit, no credit - no problem! We have special financing options....What they fail to mention is the outrageous interest rates, fees and such. A $20,000 car may end up costing $35,000 with special financing. They love to see those kind of people and thats why they go out of their way to cater to them. It's more lucrative for them because they make their money off the jacked up intrest rate. This not only applies to cars but mortgages too...What happens when someone defaults or is repo'd? Somebody has to eat the loss and it is eventually carried onto you and me, the consumer - Hence a weak dollar and higher prices for everything...
Class dismissed.
