Why Is Gas So Cheap Right Now?

Posted by dwallace on February 10, 2016 in Gas Prices, Oil and Gas |

Do the prices at the gas pumps have you asking, “Is this 1995 or what?”

If so, you’re not the only one. For years I thought that election years almost always kept gas prices low. Then as soon as the election was over, prices would shoot back up, which never sat well with me.

I was discussing the gas prices with a friend of mine and he informed me that I didn’t know what I was talking about. “The election has nothing to do with oil prices,” he said. “The Saudi’s are pumping at full capacity right now.”

This article explains the low cost of oil and after reading it, I realized that my friend was right. It has nothing to do with it being an election year. The biggest reason prices are so low is because Saudi Arabia is flooding the market, keeping more expensive oil that the U.S. and Canada in the ground.

Click here to read the article.

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The US bet big on American oil and now the whole global economy is paying the price

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