Lower gas prices, thanks to China
Leading up to the 2008 Summer Olympic games, China has cut government subsidies on oil and gasoline, resulting in higher prices and lower demand for fuel.
The Chinese government is trying to get its people to use less fuel during the games in hopes of reducing pollution — China has some of the worst pollution in the world.
The scheme seems to be working, as the world market for oil is currently stable. Prices at the pumps are declining slightly, and demand for oil in China is easing up. Current Arkansas gas prices range from $4.15 in Eureka Springs to $3.68 at Ft. Smith.
The bad news: After the Olympics, China will most likely begin fuel subsidies once again, thus driving prices ever higher.
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July 25th, 2008 at 7:46 pm
I appreciate your work on creating and maintaining this site. I no longer live in El Dorado but am always anxious for a little extra news on my old hometown.