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Two things. First, there's a point below which it's simply not profitable to pump. Second, check the taxes. If gas were free, a lot of people in a lot of states would still be paying 70 to 80 cents per gallon, just to cover the taxes.

The worst will be if oil falls to a point that we quit pumping. Two things happened with the speculative build up. First, Soros and others were working hard to tank the US economy to help the Rats in the buildup to the election. Oil & gas rose until they realized it was helping Republicans, not Rats (drill here, drill now, pay less.) As soon as the Pubs starting getting traction, prices tanked. Also, there's too much money out there with too few good investments. When the oil prices started spiking, a lot of people with no place better to put money stuck it in commodities, specifically oil, exaggerating the spike. When demand tanked and Soros and others pulled their money out, it accelerated the tanking, as legit investors pulled their investments at the time it became obvious oil wouldn't go up forever.