"The price of gasoline has dropped to a five-month low, giving drivers some relief ahead of the July 4 holiday.
The national average fell to around $3.40 per gallon on Tuesday. South Carolina, at $2.987, has the distinction of being the first state with an average below $3 since February 2011. Even in states that impose high gas taxes, such as New York and California, pump prices are averaging less that $4.
Americans are now spending roughly $200 million per day less on gas than in early April, when gas peaked at $3.94 per gallon. And analysts are expecting further declines. One economist on Tuesday forecast the national average will soon fall to $3.10 per gallon." Yahoo News
I think it will go lower. Gasoline prices are not determined by world wide supply and demand. There is no short term shortage of crude oil. Forces internal to the markets are largely responsible for price movements. These forces are the result of attempts by traaders to outguess each other in forecasting price movements.
I may have mentioned that a couple of weeks ago gasoline bought from major oil companies in the Harrisonburg, Virginia area was selling for 70 cents per gallon cheaper than the same product in the Washington, DC area. Why is that?. Gasoline is not produced in the Shenandoah Valley. It must be trandported there in tanker trucks. This, obviously adds to the cost. I conclude from this phenomenon that the oil companies are pricing products at what they think the ttraffic will bear.
Look for a big drop in prices before the November election. That might do it for BHO. pl