Gasoline prices don’t seem to be much of a topic in this year’s election.
We have seen periodic volatility in oil, and gasoline prices, since the early 1970’s. For the past decade or so, we have seen gas prices occasionally peak above four dollars a gallon. Remember the 2008 election, and all the chants of ‘Drill, Baby, Drill’, a call to increase production and drive down oil prices?
Well, since 2008 we have done exactly that. New extraction technology has made the U.S. virtually self-sufficient in energy production. Harry Cooney, energy expert with GrowMark says that has brought us back down to todays two dollar a gallon gas.
Cooney says this doesn’t mean we won’t see some volatility, but OPEC no longer drives the price of oil in the U.S.
So, should farmers looking to book their spring diesel supplies jump on current low prices? Cooney says maybe not, prices could go even lower by the end of the year.