Perhaps I missed someone mentioning it, but the real deal is that cheap gas prices kill alternative-energy inertia and kill public outrage at high gas prices (at least for the moment).
In prior years, gas would have increased quickly, citing the events in France, suntan oil spikes, and the Golden Globes as the reason for the increase. Why didn’t that happen?
As soon as Tesla croaks, Toyota and Hyundai mothball their hydrogen cars, and electric cars lose their allure, watch what happens to the price of gasoline again. This isn’t about a glut. This is about killing alternative-fuel competition.
While I’m at it, every time someone says “American oil,” substitute “oil-company” oil. “American oil” makes us think “our oil is free because we own it.”
Never miss a local story.
I’m an American, and I don’t own any oil except for what’s in my tank, and I paid for it. It’s subtle mind manipulation.
I don’t like to see oil-field workers lose their jobs, but I’d speculate oil companies executives see this as an “acceptable level of casualties” to continue their world energy domination in the future.
So enjoy it while it lasts; it’s going to be painful later.