Pump, Baby, Pump!

I could see this coming a month ago. Do not be lulled into a false sense of security by the current lower oil prices which are about 50% of the July levels.

Michael Stravato for The New York Times

If I were to place a bet, I'd go with this being a temporary phenomenon. And as demand increases again, the price will surely follow.

But with gasoline prices falling drastically in recent weeks, some American drivers are returning to their old ways.

[...]

“Driving habits die hard, and they can reincarnate quickly,” said Christopher R. Knittel, an economist at the University of California, Davis, who studies gasoline demand.

Yeah, the next thing you know we'll be seeing a spike in Hummer sales again. And these are the same people who will be moaning again when a barrel of crude surpasses $100. They are the ones who will be screaming at our leaders to "do something!"

Here's one idea. Stop pumping so much.

My other biggest concern is that if prices remain low through the winter and into the spring, we'll lose all the momentum for shifting to greener energy and improved efficiency. Status quo, baby, status quo. Not good.