Well, as many readers know, I track gasoline prices in the Los Angeles area, and have for the past three years. This fourth of July weekend, the gas peaked to $4.71 per gallon for regular, the highest it has ever been.
The price has slowly dropped over the past couple of weeks, but then dropped almost 13 cents today, to $4.43 (down 28 cents). But, before anyone gets all excited, let's just go back in history, oh, say two years ago, just prior to the 2006 elections in November!
Gas was dropping like a thermometer under ice, to where it actually went down a whole dollar just before the November 2006 election. And, of course, Republicans and the Bush administration were taking credit for this so-called drop in price, and claimed (through all those liberal media outlets - cough, cough) that this was proof that the country was on an upswing, and that gasoline prices would continue to decline -- yippee!
Except, that wasn't true! The day after the election in November 2006, the price of gasoline started going up again. It had dropped to under $3.00 per gallon just prior to the election, and then it didn't take long for it to rise, and continue to rise, to the $4.71 it was on 7/4/08.
I pretty much anticipate the gas to drop, maybe even as much as $1.00 as it did prior to the November 2006 elections, only to rise again afterwards, and most likely, top $5.00 per gallon for regular by the end of this year.
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