I keep seeing people on social media saying things like, “Well oil prices are down but gasoline prices are still high.” Look, the last thing I want to do is defend the fossil fuel industry. It should be put out of business as soon as possible because it’s a threat to civilization and maybe human life itself. But on this point, the social media pundits are wrong. For example, in August 2013, crude oil (as measured by West Texas Intermediate, the US benchmark) was $107 a barrel and the average gasoline price… Read More