I like to remind everyone…oh about every 3 months that oil is now over $87/barrel and actually crested over $88 for a while yesterday. Now, if you recall, not too long ago we had a "crisis" here in the US (one of many) that was presented to us over and over and over again by the news media. "Gas will be $9.00/gallon", "Global shortages endanger our very existence unless we immediately do X, Y, and of course Z.". I heard them all.
Yesterday, as oil hit a record, I paid $2.539/gallon for 89 Octane. When oil was in the $60’s and $70’s, there were times I paid $3/gallon (or on trips to CA, nearly $4/gallon).
I understand there’s all kinds of machinations between raw crude supplies, refining capacity, etc…but for whatever reason, the media has stopped hyping this "global crisis" for now. Thus, record oil prices are translating into what is now…the "low end" of the gas price spectrum.
The "news" does not reflect the reality of mankind in most headline topics. It’s someone’s buzz machine to drive ratings. Remember that when you’re asked to pay more taxes or give up sovereignty because we’re facing a "crisis". Remember.