HOUSTON - Oil has tanked to under $30 a barrel, sending the stock market into a tizzy. The Dow closed down 391 points on Friday.
The U.S hasn’t seen prices for oil under 30 bucks in more than a decade. To give you an idea how cheap oil really is, we decided to compare it to some other things.
First the math… with the price of a barrel under $30 - let’s call it $29 - and there’s 42 gallons in a barrel… a gallon of oil is now about 70 cents. That’s pretty cheap especially when a gallon of water will soak you for $1.15. Uh oh, oil really is cheaper than water.
It’s also cheaper than orange juice which will squeeze you for $3 a gallon. Milk is more expensive at $3.50 a gallon.
We all scream for listeria-free ice cream, but a gallon of Blue Bell is eight times more expensive than a gallon of oil. But if you want to talk about a “Great Divide”, cooking oil is 10 times more expensive than crude oil.
Now, we’d like to “paint” you a brighter picture, but we can’t because a gallon of paint is $21.
Word on the street is a bag of heroin sells for $8… so as addictions go… it’s cheaper to be addicted to oil than to heroin. Heck, oil is even cheaper than a barrel of monkeys.
The reality is the surplus of oil and worldwide anxiety may cause it to continue to drop. So, it might be awhile before the country can get this “monkey” off our back.