No, oil couldn't, but it seems that gasoline could. Apparently, the state of the world is a little better than we thought. Ebbing geopolitical tensions and a mild hurricane season in the Gulf of Mexico are conspiring to bring down the price of oil. And with the summer driving season over and done with, if we have a warm winter, it's possible that we could see gas prices drop to a buck fifteen. Two years ago, living in Austin, TX, we were paying a dollar and 90 cents for a gallon of premium. Gas in Los Angeles has fallen below three dollars again, and increased stockpiles mean that prices will likely fall further. $1.15 seems insanely optomistic in the LA market, but we haven't paid less than $2.00 in California in about three years.
Analyst predicts plunge in gas prices [Seattle Times]
End of Summer Drops Gas Prices [Internal]