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December 8, 2008

Gas prices near five-year low

The average U.S. gas price hit $1.75 a gallon last week, the lowest since 2004. GasBuddy has unleaded regular at $1.59 at the Belair BJ's. Here is the beginning of Saturday's column on low gas prices:

We're all waiting for President-elect Barack Obama's economic stimulus plan. But it doesn't look like it'll be passed until after he takes office in late January. Then it'll take months to implement.

Meanwhile, a massive can of economic Red Bull is already pouring down the country's throat, courtesy of President Hugo Chavez of Venezuela, King Abdullah of Saudi Arabia and other oil merchants.

Commentators were frantic six months ago about the economic and personal damage of oil at $140 per barrel. It's understandable now if they aren't cheering about the 70-percent-off sale on oil. Lower energy prices are largely a side effect of a recession that is throwing millions out of work around the world.

But cheap oil is the best present we could ask for that doesn't come from Washington. Taxpayers don't have to pay for it. It won't increase the national debt. It'll weaken Iran, Russia and other places that do not love us.

Here is GasBuddy's U.S. gas price map:

gas-prices-us.png

Posted by Jay Hancock at 12:44 PM | | Comments (0)
        

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About Jay Hancock
Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Wednesdays and Fridays.
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