Wednesday, May 30, 2007

It's about time

The USA Today has some good news:

The average price of gasoline fell nearly a penny the past week to $3.209 a gallon, the government reported Tuesday, the first drop in its nationwide average in five weeks.
The decline tracks recent drops reported separately by travel organization AAA, which said the U.S. average Tuesday was $3.201, down from the nominal record of $3.227 that AAA posted Thursday. The government says the inflation-adjusted record is $3.292, today's equivalent of $1.417 in 1981.

"We're on the verge of real relief," says Tom Kloza, senior analyst at the Oil Price Information Service. "We need to bury, at least for now, the notion of $4 gasoline and the notion that we just keep marching higher."

Retail gasoline prices follow wholesale prices, and those have been dropping, he says.

How about we build some refineries and see what that does to gas prices.