Oil prices starting down?

Oil prices plunged hard today. All it took was the Fed chairman saying that the cost of fuel was going to limit our economic output and further reduce our demand for oil. Americans drove less in April 2008 as compared to April 2007 by a staggering rate - 1.4 billion less to be exact. In April 2008 the average price for gas in this country was somewhere in the neighborhood of $3.33 (Jesus, what happened?) Let's say that the average fuel economy for cars in this country is 17 mpg. With a little bit of mathematic chicanery that cames out to 82.3 million gallons. With the average gas price that's almost $275 million that wasn't spent at the pump that month as compared to last year. $275 million here, $275 million there and pretty soon we're talking about real money. Enough money that if oil prices stay where they are for a protracted amount of time that the oil suppliers will eventually feel the pinch and the market will right itself or, at least, adjust itself to approriate levels. The housing market is in that type of correction right now as long as we can keep the Federal govenrment from getting in there and fucking things up.

I think we're in for some rough seas ahead but we'll all get through it. Grab a rope and lash yourself to the mast.