Gas demand is tanking at this price yet the price is heading towards $5/gallon? Global oil prices are climbing. US gasoline is less than 9% of the world petroleum market. The total global oil market is no longer falling, it is growing.
Oil is fungible. Beyond the transportation costs, our prices will vary with theirs. Just as our economy going into 2008 was helping to drive their prices.
But demand is not 'soaring' and US gasoline demand has dropped sharply. Oil is fungible, but demand is more elastic than it used to be.
I smell the same rat I smelled in 2008. And I'm sorry, but the price whiplash that year was far more pronounced than the demand shifts around it.