Drivers need to use common sense
By Josh Resnek
With the collapse of the world economy due to the Coronavirus, the price for a barrel of oil has tumbled to a near all time low for the modern era.
Because world use of oil has plunged as the world’s economies closed up, less and less crude oil is needed although more and more crude oil is coming into the marketplace.
When supply far outstrips demand, prices come down.
It is the way of the capitalist world.
Quick translation of the above: the price for a gallon of regular gasoline has come down dramatically and will continue to fall for the next few weeks unless something dramatic happens in the international marketplace.
In Everett, the price for a gallon of regular gasoline on Tuesday at some stations was as low as $2.19 on Broadway, and at $2.49 at the Citgo about 20 yards down the street.
Where would you fill up?
I bet I can guess.
Some stations in the area, in Woodlawn Chelsea and in Lynn, prices hovered near to $2.00 a gallon, and in some places in Massachusetts, the price has fallen below $2.00 a gallon.
What’s the prospect?
Continued lower prices for gasoline as the marketplace isn’t going to correct itself overnight.
It is a bonanza for drivers, but right now millions of drivers have either lost their jobs, or a good part of their retirement or both.
A long ride is always nice.
But where are we driving to in this moment of the epidemic?
We’re not driving anywhere.
We are staying at home if we don’t want to get sick.