$2.93 gas this morning

When I did my Countdown to $100 Oil?!? series over the last few months, a few people (not here) offered that we would never see sub-$3 gasoline again.

This morning on the way to work I counted 6 gas stations selling gas under $3, two of them at $2.93.

The Year over Year change in the price of a barrel of Oil is on the verge of going negative. The commodity bubble is popping big time.

Oil $133 - forecasts to $150!

Wow. This is bad, bad news and today I went looking for some sort of car that gets good gas mileage and its beyond the pale disgusting how little choices there really are. Does anyone else think it strange that there were better gas mileage cars around in the 1970's than there are today?

Oil Rises Above $133 on U.S. Supply Drop, Bank Price Forecasts :

Crude oil rose to a record above $133 a barrel as U.S. stockpiles unexpectedly dropped and banks raised price forecasts because of supply constraints and demand growth.

Inventories fell 5.32 million barrels to 320.4 million last week, the biggest drop in four months, the Energy Department said. Oil for December 2016 delivery rose more than $20 a barrel, or 17 percent, after Goldman Sachs Group Inc. on May 16 raised its outlook to $141 a barrel for the second-half of the year.