Immediately from a $20/barrel level, $60/barrel would have been the sky it falling time ... despite the fact that in real terms it was much higher at the peak of the second OPEC price shock.

After $80/barrel, and fears of worse, $60/barrel is written up by the MSM as "reasonable".

I get the impression that the US electorate had a longer memory in the election just past ... I recall some scattered, "They say gas prices are down ... do you call $X.XX down?" ads during the campaign, and as those people got elected it couldn't have hurt too badly.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.