It's hard to predict the future. Well, it's actually quite easy to make a prediction - it's just hard to predict what will actually happen. Take gas prices. With the recent announcement that OPEC would make a substantial production cut - 2.2 million barrels a day - to bring oil prices back up, an AP story from earlier this month already seems out of date. That story, headlined "Return to $1 gas? Energy prices evaporate," found reason to talk about how the rapid tumble in gas prices in the US (remember July?) will continue next year. This would mean we might reach the sub-$1-a-gallon level last seen in March 1999. To get to the dollar gallons, the price of a barrel would need to fall another $10, the article said.
Whether that happens or not, we're already awfully close. The lowest price for a gallon of gas in America today can be found in Chester, SC: $1.12. The US government, meanwhile, predicts, "annual average retail gasoline and diesel fuel prices in 2009 are projected to be $2.03 and $2.47 per gallon, respectively."

Photo by Tony The Misfit. Licensed under Creative Commons license 2.0.

[Source: AP, Mapquest]


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