I hope that fewer people travel during the summer this year. It’s the only chance of getting prices to fall.
After gas prices peak it will likely be a great time to go short on gasoline and oil ETFs. Once the market goes into a spiral the prices come down fast.
My thinking is that as long as I see people using gas-powered implements to do the job of a broom or rake, gas prices aren’t high enough yet.
I'm not sure that any reduction of gasoline consumption in the US will have much of an impact on global oil (and gasoline) prices. Its already been determined that Japan will have to burn some oil (diesel fuel) for electricity because of the damaged nuclear power plants there. Additionally, countries in the Middle East and Far East are consuming more oil.
One thing, though. If people don't drive as much this summer it will definately be a hit to our economy. Nobody just drives around...when we drive we are going somewhere and usually going somewhere to spend money.