My macro econ teacher tried to use the crude oil price as an example on the first day of class.
I had to correct him. I brought up the point that gasoline inventories were higher than expected due to a decline in demand, partially attributed to the price of gasoline at the pumps, which means that a correction and drop in crude and subsequently a drop in gasoline prices can be expected.
He was speechless for a second... Especially since I'd already corrected him twice before that. He kept his eye on me the rest of the class and toned down his exaggeration and rhetoric a bit. I let him get on with the class.
Imagine that!
The market for gasoline behaving in an elastic fashion, just as all other markets do.
The price goes up, consumption goes down, then prices come down - what'll they think of next?