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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.

For those Americans who are still employed and have to drive to work every day, the continuing low pump prices for gasoline have been a boon. The current national average of $2.68 a gallon for regular is equivalent to an inflation-adjusted $1.01 per gallon in 1980. While that's certainly good for household budgets in a struggling economy, it doesn't provide much incentive to buy fuel efficient vehicles at a price premium. With the new Chevrolet Cruze starting at over $16,000 and the soon-to-laun

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

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.