[Peter from Rutland]

The price will eventually come back down, it will just take time. Speculators and all the garbage with Iran will play a heavy toll but supply will NOT be a factor in gas prices going forward.

[thackney]

Supply is growing; it will be part of the equation for long term pricing.

Both world-wide and in the US, Supply is growing.

http://www.eia.gov/cfapps/ipdbproject/iedindex3.cfm?tid=50&pid=53&aid=1&cid=ww,&syid=2007&eyid=2011&freq=M&unit=TBPD

[dblshot]

The price will eventually come back down,
One can hope so. A lot of the costs are for regulatory/environmental management that must be borne by the producer/transporter/refiner/retailer and of course taxes. In 98 I worked on a 500 mile pipeline project. Avg cost per mile was 1,000,000 USD. of that $400,000 was for environmental and regulatory compliance.

[Donald Rumsfeld Fan]

The price will eventually come back down, it will just take time. Speculators and all the garbage with Iran will play a heavy toll but supply will NOT be a factor in gas prices going forward.

This is new supply via new technology making old fields productive, new ways of recovering oil from shale rock, tar sand, deep water etc. But it is more expensive to extract....the easy stuff is nearly gone. Because of the high cost of extraction and as an investor in the energy sector I expect the price of oil to remain at a high level for the foreseeable future.