[RayChuang88]

Only one thing (in my personal opinion) nobody predicted: at US$4.00/US gallon, gasoline starts to become a price elastic (e.g., demand driven by price) product.

Already, the demand for gasoline has begun to drop, and if the price starts to approach the peak we had in 2008, the demand could drop dramatically and that could result in the oil companies "holding the bag" on too much expensive unleaded gasoline. Indeed, Goldman Sachs today said that supplies--in spite of the recent trouble in Libya--have not dropped at all, and this combined with falling demand could result in a pretty steep price plunge very soon.

[IWONDR]

Goldman Sachs, i believe, is trying to protect Obama’s hide from having to consider allowing drilling for oil etc in the US of A in order to bring gas prices down. Got to protect the man who shoveled billions of our tax dollars into bailout bonuses to save their hides from the consequences of their investment creations. Why are there no World Court hearings for the economic havoc they have wrought on the world economy?

[Zeddicus]

Only one thing (in my personal opinion) nobody predicted: at US$4.00/US gallon, gasoline starts to become a price elastic (e.g., demand driven by price) product. Already, the demand for gasoline has begun to drop, and if the price starts to approach the peak we had in 2008, the demand could drop dramatically and that could result in the oil companies "holding the bag" on too much expensive unleaded gasoline... this combined with falling demand could result in a pretty steep price plunge very soon.

I agree. I predict that after gas touches $5 or $6 /gal, we will see a substantial price plunge... just in time to clinch Obama's reelection.