It seems as all is good in the world as we see across the North America gas prices seem to be dropping.
Peaking in May 2011, prices are on their way down and are now averaging about 17% cheaper since then, in real world dollars, this means gas is averaging about 67 cents per gallon less. It is trending down for now, but the question is how long will this last?
I ask you now, are you an eternal optimist and view this as the start of a long term trend? Or is this "false" sense of security going to bite Americans in the long run?
What I personally take from this is that you cannot accurately make any sort of predictions. All the doomsday scenarios are simply media doing what they do best, and sensationalizing issues. To contrast this point I do forecast long term increases in the range of +$5/gallon but being the smart forecaster I am, there is no way I'll attach a date or even a year to that figure.