Jose Mier here again with some relatively good news.
Despite all the doom and gloom these days—and there’s plenty to go around—there’s at least one bright spot. Gasoline prices are dropping. Looking around the Sun Valley area and environs just in the last couple of days I notice the prices on gas station signs have been falling.
A nearby Valero station on Glenoaks Blvd. had been posting $3.39 per gallon until it dropped to $3.20. Costco in nearby Burbank, which until recently was the cheapest around at $3.15 per gallon for 87 Octane is now all the way down to $2.89 per gallon. Personally, I have not seen gas for under three dollars for quite some time.
Despite the uncertainty and fear of the unknown it seems like the economic roller coaster we’ve been on has returned us at least this one dividend. The recent spat between Saudi Arabia and Russia which precipitated the collapse in the prices of barrels of oil is one factor. Another is that we in Sun Valley as well as the rest of the country (and world) are not going to be travelling as much as we used to for the time being.
Decreased demand coupled with a surplus of oil (which will probably grow) means less cost for us at the pump. For Americans who face the prospect of layoffs (temporary or otherwise) due to the coronavirus, having to pay less at the pump is a welcome change.
I’ll be continuing to monitor the gas prices in the Sun Valley area and keep you posted. Now if only we could travel more on this cheaper gas! I’m looking forward to that day.