It’s already $3.69 in Wisconsin Dells, a bit North of Madison. $3.89 further North. Price may drop further after summer vacation ends.
There is more oil in the system, as Russia trades with 1/2 the world and that supply is fungible. We had to wait a few weeks ago for a huge, empty coal train to pass after delivering to a nearby power plant. Our prices are up for electricity via a surcharge, but it isn’t yet disastrous.
Was there a trucker strike outside California? Or did the threatened rail strike materialize?
Lots of doom-mongering and head fakes around.
OTOH, IIRC, deflation can often precede collapse. Demand destruction?
3.69 is what they call an outlier.