Today the national average for a gallon of gas is $2.62. Last year at this time it was over $4. Speculators and OPEC are keeping fuel prices artificially high even now. However, there is downward pressure against this. It's in the form of a very large glut of oil. This oil is being stored in supertankers that are either out at sea or sitting at docks. Investors, oil companies and even some banks have bought and stored surplus oil everywhere they can. The glut has gone on for so long, that the cost of all of that storage is bound to rise. When it rises enough, some suppliers will refuse to pay and a lot of that oil will be dumped onto the market, forcing oil and gas prices lower.
If enough of that oil floods the market, gas prices could go back to March levels, which were under $2 a gallon. That's good news for everyone.(HT LA Slimes):
LA Times: Glut Of Oil Could Push Gasoline Prices Back Down Below $2 A Gallon
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