No kidding, but pricing is also based on speculation of future supply. Notice how any time we threatent to increase supply the cost starts coming down?
Again - if gas goes to $4.00 a gallon again in the near term, what alternative is avaialble to people that we have been hearing about?
When gas goes back to 4.00 a gallon in the near term there will be no alternative.
Any move away from gas in cars will take generations.
however gas can be made from coal, oil shale, and vehicles can be converted to natural gas.
Gas pricing has more to do with the fact the US dollar tanking and China and India have started to peg their oil prices again.
This time Obama won't be able to stop them because America has too much foreign debt, which is pressuring the dollar.
But on the bright side China will need to buy foreign currency to offset the cost of pegging oil.
Which means the China US merry go round is back.