Want Lower Gas Prices? Be Careful What You Wish For
The day before the 2008 elections, Michele Bachmann took credit for the fall in gas prices, saying:
"We saw gas at $2.04 today. That was my goal, when I started this year I wanted to get gas below two dollars a gallon and we are almost there..."
Of course, the reason gas prices were so low was because the economy was in total free fall. I wonder what she is hoping for now; as one analyst said on CNBC:
He and [Tom Kloza, chief oil analyst at OPIS] said if Greece were to default, Brent [crude oil] would immediately drop because of the potential ripples across Europe's economy. "If you're hoping for $2.50 to $2.75 gas prices, you probably don't realize it, but you're hoping for a recession," said Kozla.
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