Tuesday, December 9, 2008

Quit cheering gas prices.

Happy about the consistently lowering gas prices?

Ace says it best re: the reduced cost of oil.
"[It's a] good news, bad news thing.

Mostly bad news.

It would be great news if oil's prices were falling due to increasing supply (along with some nontrivial increases in efficiency), but it's falling due to a deep worldwide recession. Less production, less industrial output, less commerce, less trade, less wealth. Cheap gas. Not really a good trade."

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