Gasoline prices at the pump have dipped about 20 cents a gallon in the past two weeks. So what’s up?
With one squinting, cynical eye: I would like to believe that the descendants of Sam Walton, recently posting Wal-Mart’s first quarterly profit decline in 10 years (businessweek.com), are holding the oil giants at gun point and demanding their profit back.
However, the reason for the gasoline price decline seems to be coming from the consumer coupled with a placid summer.
The dreaded hurricane season is half over without a memorable storm. BP has shut down only half of their doomed Prudhoe Bay oil field. And maybe the commodities market isn't winning new profit in the “the war on terror� five years after 9/11.
Demand for gasoline fell 1.7 percent last week in the peak of driving season, the biggest decline since April. The index of leading economic indicators unexpectedly dropped 0.1 percent in July, reinforcing forecasts that the U.S. economy is slowing down. (bloomberg.com)
Sam Walton once said,
There is only one boss: the customer, and he (or she) can fire everyone in the company from the chairman and down, simply by spending their money somewhere else. en.wikipedia.org/wiki/Sam_Walton
...or in this case, not having money to spend.
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