Why have gas prices dropped so low, so quickly, and so soon after endless proclamations of a future of $200/barrel oil?
The New York Times thinks that it has something to do with a drop in demand and a lack of unity amongst OPEC member-states.
My friend Gregorio has no time or such naivete. According to him, the reason gas prices are so low is that OPEC is afraid that Obama might, you know, actually do something about jumpstarting a transition away from petroleum. Cheap gas is OPEC’s way of pre-preemptively sucking the wind out of Obama’s clean-energy sails.
Discuss.
