One thing is certain in this election. The next president will have his hands full. The global economy is struggling, the U.S. is fighting two wars and American citizens are losing their jobs. As a result, prioritizing what to address will be a difficult task.
Making this task even more difficult is the quick changing nature of the nation’s problems. When this election cycle began two years ago, it was Iraq. That’s not fixed, but it is comparatively stable. Right now, the crisis is the imploding financial system. Over the summer it was the rising cost of gas, and the rising cost of oil.
Oil is now falling rapidly, and gas is following. The price of gas dropped overnight to its lowest point in 20 months. Will either Obama or McCain feel the same strong urge to promote “energy independence” if gas remains cheap? Will the American people care if their gas doesn’t cost an arm and a leg? We’ll find out soon enough if this keeps up.
CNN: The average price of unleaded regular gas dropped 2.4 cents to $2.391 a gallon, according to the survey released by motorist group AAA. The last time gas was this low was Feb. 28, 2007.
Gas has fallen 48 straight days, since just after Hurricanes Gustav and Ike battered the Gulf coast in September.
Prices are now down 41.88%, or $1.723, from the record high price of $4.114 a gallon set July 17. The average price dropped below $3 a gallon on Oct. 18 for the first time in nearly nine months.
Prices are down 20.4% or 61.3 cents from the same time last year.
Even with falling prices, demand for gas continues to drop. Americans are driving 5.6% fewer miles than last year, according to a recent U.S. Department of Energy report.
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