West Texas Intermediate Crude dropped another $2.19/barrel to $47.95 or $1.14/gallon. WTI is the world standard. Saudi and Venezuelan crudes are ‘heavy’ crudes and much harder to refine. The same is true of Canadian crude from shale ore which is trading at $33/barrel. Crude from North Dakota is high quality, and clear, the color of a Coke, but it has a lot of natural gas dissolved in it which makes it more volatile to transport by rail. Gasoline eased by 1.21 cents/gallon at the average rack in Selma. Diesel fuel is down by 2.51 cents/gallon.
What lower prices mean for this country, the consumer will jumpstart us out of this slow recovery. Our recovery will bring back China and the rest of the world’s economies.
Have a great day,