The Huge Oil Tax Cut

Big Red Car here on what promises to be another day in paradise. On Earth as it is in Heaven! [Haha, just checking to see if you’re paying attention. You know it’s supposed to be — On Earth as it is in Texas!]

Did you know you are getting a huge tax cut? Yes, you are and it’s going to be grand. It already is and right in time for Christmas.

The price of oil is trending down for a number of reasons — bit more capacity/production, anticipation of Iran increasing production, decision by OPEC to keep the tap wide open, reduced driving, increasing efficiency of the global auto fleet, cooling growth in China (and elsewhere). Lots of reasons.

At dawn this morning in Texas, all the oil jacks reported for work and are pumping like crazy.

Are you sure, Big Red Car?

The generic price of oil hit a 6-year low yesterday at $37.51. The price is generally headed downward though it is likely to move up and down on the ride downward.

‘The net impact of this is a huge reduction in the cost of . . . . . EVERYTHING.

If you are an oil company CEO, well, maybe you are not so keen on things. If you are an average citizen — there is NOTHING average about you, cher, promise that — then it is going to reduce costs for you directly at the pump but also on everything else you buy.

Wise heads suggest this trend continues for a substantial period of time. Who knows?

We are back in 2009 price levels and lower. These are turbulent times.

Gas was $1.65/gallon at Costco this morning and it’s going to be 75F — so things are OK, y’all. OK indeed.

But, hey, what the Hell do I really know anyway? I’m just a Big Red Car and, today, that’s good enough.