Gas Price Gyrations

Last month, when Hurricane Gustav was bearing down on New Orleans and Hurricane Ike battered the Texas coast, we were told it would be at least a month before the oil refineries would be back to capacity.

The hurricanes did produce a spike in oil prices, but the trend has been reversed much faster than expected.

Here we are, less than a month after Ike made landfall in Galveston, Texas, and gas prices have been dropping for several days.

In fact, a spokesman for the American Automobile Association (AAA) says, "We're well on our way to $3 gas within the next week or two," according to CNN.

If you've lost your job or you're worried about losing your job, if you've lost your home or you're worried about losing your home, the fact that you're saving a few pennies on every gallon of gas that you buy may not mean much.

But it sure beats the alternative.

CNN explains the price drop this way: "As the global economy falters, demand for oil has dropped. And since the price of oil makes up about half of the cost of a gallon of gas, analysts see more relief ahead at the pump."

Well, what I know is this: The gas station in my East Dallas neighborhood is selling unleaded for $3.38/gallon. A few weeks ago, I was paying $3.78/gallon there.

That's change you can see.

And change you can see is change you can believe in.