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S-L-I-D-I-N-G Gas Prices PDF Print
Written by Steve Frank   
Thursday, 09 June 2011 05:48

Gas prices for the first weekend of June continued to slide downward in the area, with prices in the greater area getting near the $3.50 per gallon price for regular in the foothills.  The High Country still is a dime or more per gallon above that, mostly in the lower $3.60 range—our BP Barometer at $3.63.9.

But with NC prices as low as $3.51, gas prices in South Carolina last weekend were a rip-off—the lowest there about $3.49.9, with significantly lower taxes.  OPEC’s failure to increase production Wednesday brought immediate bad news for oil consumers, in the form of higher prices. However, Bloomberg says big oil importers should take heart from what may be an important silver lining to this cloud.  There’s a breakaway group of Saudi Arabia, Kuwait, Qatar and the United Arab Emirates, and if they solidify into a new oil producers’ group that adjusts its output according to shifts in supply and demand—a sort of OPEC-lite—consumers should benefit. Those four countries have time and again proved themselves to be the most moderate and pragmatic of OPEC members—who have sought in the past to prevent oil prices rising so high that they damage the economies of major importers. And they are the only ones who actually have the capacity to increase production at short notice. Out of OPEC’s 4.5 million barrels a day, Saudi Arabia alone holds 3.5 million barrels a day.


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