Haven’t we been discussing, for about 15 years, how gas usually runs up, accompanied by an ocean of media hysteria, until Memorial Day, then falls off?
There doesn’t appear to be any drop in gas prices on a national basis.
Narrow that graph to get a better feel for weekly movements. The slope of the increase curve significantly reduced in 2008 on June 16, at $4.082. The ultimate peak came on July 7th, right after the 4th of July holiday, at $4.114. The analyst, now, is saying that the increase curve may break in the coming week.
This chart of metro Detroit gas prices shows that the sharp uptreand around Memorial Day, that the media was screaming about, has already broken and prices have been stable for the past week.
Crude oil is different than gasoline (they are somewhat related, of course, but the latter also depends on refining capacity). If you want to see wholesale gasoline prices, you look at RBOB (gasoline).
RBOB (the front month contract, Jul) has dropped quite a bit over recent days. From $4.27 on 6/9 to $3.87 right now.