With nowhere to go.
It’s a little ironic: gas is the cheapest we’ve seen since almost the end of the previous century, and yet we have no place worth driving to.
U.S. crude prices fell to their lowest level since 2002, briefly dropping below $20 a barrel, as investors grew more pessimistic about oil demand.
West Texas Intermediate futures, the main U.S. crude gauge, were down 6.5% at $20.11 a barrel after hitting their lowest level since February 2002 on Monday. Brent crude, the global benchmark, fell 6.4% to $26.18 a barrel.
The taxes are up, but by the old metrics, going below $20 per barrel should yield gas under $1. I’ve seen it, where I am, for around $1.60. I’ve heard it’s $1.30 elsewhere. It’s gonna be like 1995 again! Minus the functioning society.