Pump Prices Will Pause

Pump Prices Resist Falling for Now - WSJ.com

The good news? Prices at your local gas station will not be skyrocketing like they have in recent weeks. The bad news? Prices won't be going down very much, either. So we've reached a period of détente between drivers and the supply chain. New supplies are coming online and drivers are cutting back on consumption. At some point I'm hoping for a realization that the price oil has reached ridiculous, unsustainable levels and things will begin to slide backwards. A 50 cent drop in the price of gas would require oil to be around $100/barrel. Hopefully we'll see things normalize by the end of the year. Until that time, it would be nice of hundreds of thousands of gallons weren't going up in smoke.