I'd just like a break at the pump. and what did this do to that oil barrel vs. big mac wager that was going on?
The Economist has not raised the Big Mac index since the summer of 2014, but it hardly matters. I don't have any special insider knowledge about oil; this bet was based on Julian Simon's exhaustively documented thesis that the cost of all natural resources tends to decrease over time. I am ready to repeat the bet in December 2015 if I can find any takers, though I would prefer to stick with dollars instead of burgers.
LOL. I'm looking at a refinery right now. I jog past tankers off the beach. The sand has tar rising in it from the deposits that made J. Paul Getty rich - prior to the white folx showing up, the local indians used to harvest the tar balls in Ballona Creek and sell them to other indians. I pay $4.59 a gallon for super-unleaded at a station less than a mile from this.
http://econbrowser.com/archives/2014/06/gasoline-price-calculator Gas is right on target where I'm at. Current Brent is 44.95. Current pump is 1.95. If oil drops to $20/bbl you'll see $1.34 where I am.