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Here comes $1 Gas....???

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Message Tex Pitfield

Now that I have your attention, I would not break out the champagne yet, nor would I wait to fill up until the cost of gas drops further.

We are witnessing first hand, at our very own expense, the mother of all recessions.

To put it into perspective, a year ago Crude Oil had hit $154 a barrel, while the price of a gallon of Gasoline in Georgia was approaching $4. By September, Crude had retreated to about $110, but with the triple hit "perfect storm" of hurricanes, gasoline supplies all but disappeared for three weeks.

Meanwhile, the recession hanging over our heads dropped like a rock, the stock market fell out of bed, the real estate market crumbled and we saw banks and the economy succumb like out of a horror movie.

By winter, Crude was at $33, a nearly 500% retrenchment and gasoline was about $1.50.

Three weeks ago, crude was back at $73 and going higher, gas selling for $2.50.

Today, Crude closed at $60 and gas is somewhere around $2.20.

If that doesn't leave you seasick, likely very little will, but for most businesses, and the consumer, you and me, it has been a virtual hell.

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Anthony C. "Tex" Pitfield was born in Montreal, Quebec, Canada. In 1962, his family moved to a working cattle ranch in southern Alberta, (just north of Montana), where he grew up in a cattle and equipment oriented lifestyle until his early (more...)
 
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