Is that a 2? I’m sure a few of you have noticed the steadily decreasing gas prices lately- apparently the result of a surplus in supply- but who really cares why? I’m just glad that I don’t need to spend $60 every week to fill up my tank.
Although gas is a major expense, it is still relatively cheap considering that a gallon of milk costs roughly $3.69, and we use much less milk than gasoline. According to the Wall Street Journal, we can expect gas prices to continue to decline because refineries are unwilling to decrease production, which would decrease the quantity supplied and therefore raise overall prices. I can still remember when prices hit $3.00 a while back and we thought it was the worst thing ever. However, Americans are actually paying on average $.9 to $2 less than the market price of gas. We have government subsidies to thank for this. If we lived in Europe, we we be paying close to $10 for just a single gallon of gas! That’s probably why you don’t see many Europeans driving around Range Rovers…. However, if prices in the U.S do reach that level, then we should be finding solutions to make our cars run off 2% reduced fat milk. But hey, that would probably create a few jobs!
Although gas is expensive in some parts of the world, it is dirt cheap in other parts. In Venezuela, a gallon of gas costs just $.04! You could fill up a Chevrolet Suburban for less than $2- but their GDP Per Capita, or average income, is much less than it is in the U.S.

If you are anything like me, right now you are probably wishing the government subsidized your Cove expenditures. Unless you have an awesome plan to stock pile gasoline, enjoy the low prices while you can.