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In May 2008, Goldman Sachs analyst Arjun Murti projected that oil would climb from its then record cost of $129.60/barrel to $200/barrel. The New York Times had Murti predicting that American drivers would soon be facing $6 per gallon gasoline.

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Photo by glenn.batuyong. Licensed under Creative Commons license 2.0.

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Yesterday I was out and about in town. I was biking – yes, through the snow – and about fell of my bike when I passed a gas station selling regular unleaded for $1.89. They not only had the price displayed on the corner sign like all gas stations, but they had a handwritten sign on the frozen lawn that included at least one exclamation point. They're right to hype this price; it's been a long time since gas sold for less than $2 a gallon here in Michigan.

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