I paid the lowest I have paid for gas in some 9 years this past Thursday at $1.899. The dumb thing is, there is a gas station just down the road from me that charges $3.199 still, and I always see people there filling up, when they could drive about 20 miles a way and save over a dollar a gallon. When you have a big SUV, that is a huge difference in money spent/saved.
Growing economies tend to need more oil than ones that are sputtering (like most of the world right now). So with fewer countries growing and thus needing oil, there is less demand for roughly the same supply...pretty simple economics 101.
"The price of gasoline is going up sharply. It’s a combination of the time of year and the nice weather we’ve had.That means supply is down, demand is up, and that is a recipe for prices to spike. That’s exactly what you’re seeing at your local gas station."