Driving down Lee Highway is starting to feel like time travel. Sure, the shops and houses are all the same. However, with every passing gas station comes a quick turn of the head for every driver, as gas prices are advertised that have not been seen in about seven years.
For now, I can’t complain. Filling up the ol’ tank for a little over two bucks a gallon sure seems nice to me. Especially in these winter months when the heat is always on in my car, the fuel gage seems to decrease by the minute. However, I no longer feel so guilty knowing that filling up won’t cost as much. Anyone and everyone should feel good about saving money at the pump. On the national scale, this money that is being saved on gas can then be spent on other things and help boost the economy.
There is reason to believe, however, that this trend in gas prices is not likely to continue and that low gas prices in general are not all they are cracked up to be. For Arlington, December was uncharacteristically warm. This means less gas was being used in homes and automobiles, so demand was low. Supply has also been up, as the Organization of Petroleum Exporting Countries (OPEC) has continued to supply natural gas to the United States at a high rate. This has a great benefit for us at the pump, but not for rival oil-exporting countries like Russia, whose revenue is down due to OPEC’s increased production. Even private oil producers in the United States are having trouble competing with these low gas prices, and jobs are being cut as a result. That good feeling you get at the pump probably just went away knowing that you are “fueling” a monopoly.
Environmentalists are not too happy with these gas prices either. With lower gas prices, more people are buying SUVs and being more careless with how they use gas. It certainly gives people a greater incentive to drive when gas prices are low. Public transportation has also seen fewer riders since the gas prices have dropped.
Gas prices cannot be low forever, though. Not only is gasoline a finite resource, but when the January and February snowstorms hit (any day now, I hope), it will be in high demand once again and gas prices will most likely rise. The oil industry has been know to be volatile and with a growing reliance on foreign oil, anything could happen. Everyone would love to continue paying these low prices, but paying more at the pump might be a necessary evil in order to protect the environment and encourage economic growth in the oil industry outside of OPEC. In fact, there is currently talk of imposing a gas tax, which would help the American economy as well as American oil producers.
Having spent years gazing out car windows and looking at the giant signs at gas stations promoting the price of gas, it is neat to be able to see how low prices have gotten. I remember the many summers where gas prices soared above four dollars. Just a few weeks ago, I was in a rural part of Virginia where gas was $1.78. I mean, a price like that is almost a little too good.
It would be wise to be wary of the latest trend in gasoline prices. There’s much more than meets the eye with those billboards around town boasting something like $2.16. But who am I kidding? Better fill up now while prices are still low because we may not see this again in seven years.
