Fuel prices actually drop… by a lot

With so many recent hikes in the cost of imported petroleum products, we were beginning to think that the laws of economic gravity had abandoned us. Not so. Having spiked at ten dollars per gallon on October eighteenth, the price of premium gasoline has, as of yesterday, retreated to nine twenty-six. Regular is down seventy-nine cents to eight ninety-six, diesel dropped by forty cents to seven dollars and one cent, and kerosene, which had reached the unheard of price of seven forty-eight, is tonight back down to the almost bargain level of six dollars and forty-six cents per gallon. The previous jump in fuel prices was caused by market dislocations, panic, and price gouging following hurricanes Katrina and Wilma on the U.S. Gulf Coast. And while international oil rates have for the time being stabilised, there is no telling when the situation might change.