Oil industry organizations like the Oil Price Information Service are reporting the price of benchmark West Texas Intermediate Crude has fallen to the lowest level since last October at $78.20 per barrel. Prices are expected to continue to drop to a level that will bring gas down to below $3 per gallon “by Halloween, and certainly by Thanksgiving,” says Tom Kloza of OPIS.
This is good news for consumers, and even better news for President Barack Obama’s presidential campaign. Prices of over $5 per gallon had been predicted due to Middle East “tensions” and refinery problems. Apparently the market feels those problems are over, and Obama will claim some of the credit for that due to his policies in the Middle East, even though the entire region is essentially a powder keg of unrest and revolution and new “tensions” could cause oil prices to rise at any moment.