OIL COMPANIES SOON TO GO BANKRUPT?

// November 14th, 2008 // Hott Articles

gas costs are steadily dropping

But what else could happen?

A customer fills his car with gas at a Phillips 66 gas station November, 13, 2008 in Jennings, Missouri. The price of oil fallen close to 50 dollars before steadying in trading today as OPEC announced the possiblity of an emergency output meeting.

By John Charles Reedburg

The more gas prices lower. Happier I become.

Yay!

Gas prices are falling harder than President Bush’s motivation to go to work in the morning.

It sucks for the oil companies (and for green energy activists actually), but it rocks for anyone planning to go see Mom for Thanksgiving. With AAA reporting a national average of $2.18/gallon, prices have dropped below the $2 mark in states such as Missouri and Texas.

Will Green go out the window only to be crushed under the giant wheels of a pimped-out Escalade?

It’s possible the whole thing could help stimulate a much-needed holiday-spending boost. But what else could happen? With these gas prices, will people start buying trucks again? Will Green go out the window only to be crushed under the giant wheels of a pimped-out Escalade?

The Kansas City Star has reported forecasts predicting an average of $2.37/gallon throughout 2009. All joking aside, those sorts of gas prices could slow demand for more energy efficient vehicles. That’s good news for GM, who is currently trying to wrangle some federal bailout money its way.

But here’s hoping people stay smart and keep demanding more from auto makers. Can we all agree not to buy anymore vehicles that get less than 20 miles per gallon?

What do you think? Are these lower gas prices good or bad for us in the long term?