CNNreports that oil has been trading as low as $94.13 this morning. I hate to keep saying this, but I told you so. Meanwhile, even as crude oil began to drop in price on Friday, gasoline spiked in anticipation of hurricane Ike. In my area regular gas went from $3.38 to $3.44 overnight. In some places regular was selling for more than $5 a gallon. Nobody was price gouging, of course. Now that Ike is gone and the refineries weren’t destroyed, gas is going to have to come down a bit. Under $3? This would be a bit of an overshoot and would endanger the drive toward energy and carbon independence that we so despearately need.
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