Gas prices have hit a 7 year low! $2.03 is the average price for a gallon of gas, when almost 3 years ago, the prices were insanely larger or more expensive. “The latest oil plunge is rocking the stock market, with shares of Big Oil companies like ExxonMobil () and Chevron ( ) retreating further in recent days. The Dow fell more than 125 points in morning trading, with the slumping energy sector leading the way lower.”
“My head is spinning from the past few days of declines. Sentiment is horrible. It’s very bearish,” said Mike Wittner, global head of oil research at Societe Generale.
This is good for the world because now the OPEC cartel can’t run everything and call all shots in the world in terms of crude oil.
Also, this is good for the American people, who can now purchase gas at a much cheaper price. This means non-renewable sources like Schale and Natural Gas and ethanol and some clean energy are replacing OPEC.