[dirtboy]

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.

[Myrddin]

Oil prices dropped in 2008 when oil leases were opened up. Competitors dropped prices in anticipation of new suppliers. That disappeared after Obama was inaugurated. The pressure to lower prices in anticipation of competing suppliers was eliminated immediately.

[thackney]

Do you consider this trend of prices as "soaring"?