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

By       Message Tex Pitfield     Permalink
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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.

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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.

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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.

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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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