South Carolina Daily Standard

Who says we are not a nation dependent on oil? The price of oil has dropped $3 a barrel today to about $121 a barrel and the dollar rose slightly against the Euro.

The price of oil has steadily gone down since Bush announced that he was lifting the executive ban on offshore drilling. The American driver can also take some credit for the drop in prices, because they have stopped driving as much due to the high gas prices. Americans have driven 9.6 billion miles fewer in the month of May.

We are not likely to see any sharp drop in gas prices, but we think we could see $3.50 a gallon by Labor Day, barring any major event such as a hurricane hitting the gulf.

We seriously need to start looking into alternatives or the next crisis we get ourselves into will not slightly ease or go away. If we encounter another oil crisis we will start off from about $ 3.50 a gallon and go up from there instead of starting off around $ 2 a gallon like we did this time.

Don’t get us wrong, we are not out of the woods yet; we are just leveling out from a falling dollar and over speculated market. We need look for new sources of energy and open offshore areas for drilling.