WildBill said:What might run prices down quickly is if this run on gas causes it to be a lackluster holiday on the roads. If reports come in gas prices led people to shun the driving getaway the prices could snap back pretty quick. In any case I think for those paying over $3 this week, I would feel almost certain next week you will be paying less than now.
Ok maybe it takes a few more to get lower prices, but the scenario is playing out. Reports are Labor Day was a bust in many spots and some analysts said highway travel might have been off 5-10% from last year. No matter how you cut it, the free market did its trick. Or maybe people just really listened to W when he said don't go out driving over the weekend. In any case my prediction that futures for oil would be back in the mid $60s and gasoline prices would trend back down soon is coming out.
I love panic situations where the public and the markets all reflect unfounded fears. So damn profitable...