If you’re the average consumer, you would prefer cheap gas. The cheaper the better. After all, it’s our money AND we’re turned off at the knowledge of oil companies making billions of dollars in profits every fiscal quarter!
But what if your son, father or brother worked in the oil patch and they got laid off? Do you take one for the home team, or accept that $2 a gallon gas serves the greater good. It’s a dilemma that many Texan’s face with the price of oil crashing…again! Layoffs in the Eagle Ford region have seen thousands of people laid off or furloughed from their jobs. It could get even worse if the Iran nuclear deal gets passed by Congress and that country is no longer banned from selling millions more barrels of crude oil on the world market every week.
The choice is not hard in all reality—you have to side with the greater good and hope that gas prices go lower. Call it “counter economics.” We need something to offset rising health care, higher rent costs and overall higher retail prices. Last year, a McDouble burger at McDonalds cost me one dollar. Today, that same burger costs $1.50….that’s a 50% inflation. Or how about my prescription for hypo-thyroid disorder? Last year it cost me less than $24 for a 90 day supply at Costco. Last week, I paid over $60 for the same generic drug. That’s a whopping 150% inflation for a generic drug.
I’m sorry if a friend or family member of yours lost their job in Eagle Ford, but lower gas prices serve the greater good.