For the first time in 12 years, oil has fallen below $30 a barrel. In other words, you can feel free to rev your engine at red lights again! You can afford it now!
According to Bloomberg, this fall in oil prices is due to several reasons. One is that the Chinese markets are in a state of flux. Secondly, apparently oil tends to fall in price if the dollar rises in strength. Oil is particularly leveraged to the dollar and may fall between 10 to 25 percent if the currency gains 5 percent, Morgan Stanley analysts including Adam Longson said in a research note dated Monday.
I don’t know a lot about how economics works, or even what the ramifications cheap oil has on the world of politics all I know is that cheap oil = cheap gas = good for me. I suppose that it’s bad for anyone who had stocks in oil companies, though… so it’s a mixed bag of nuts?
Since I know nothing about the big questions, I’m going to focus on a small, stupid one: where can I buy a barrel of oil?
I’m serious! A barrel of oil costs $30 right now, and that’s something I can afford! Where can I, an average American, buy one barrel of crude oil? I have no idea what I would do with it, I’d probably just keep it in the garage somewhere. I just want to hold on to it and wait wait for the price of oil to jump up again… or there’s an apocalypse and we’re all thrown into a Mad Max-esque world desperate for fuel.