Here's the problem with saying it's about demand: Demand is currently at its lowest in 15 years, we're in the dead of winter, and yet we're seeing summer 2008 prices. If it was really about demand, as I agree with you it was in January 2009, why are we seeing prices over double that today?

Today's gas prices are technically more of a shocker than summer 2008's prices. 2008 summer gas prices were a HUGE deal. Yes, those were at $4 a gallon and we're not quite there yet. But that was also in the middle of the summer and the economy hadn't "officially" tanked in the eyes of the average consumer. Yet the high fuel prices sank consumer spending which was a factor in ultimately sinking our economy.

We're seeing prices close in on $4 a gallon in the middle of winter, in a known-fragile economy, with 1 of the 2 wars from 2008 over, and with fuel consumption down to it's lowest point in nearly 15 years, and yet noone is talking about it. What is going to happen when driving actually picks up this summer?

I don't think gas prices will hurt Obama politically because for some reason people don't seem to care right now. That's a good thing.

But putting aside politics and just looking at this as a consumer, this is scary shit. A $.50 rise on a gallon of gas is a $6 difference on a 12-gallon tank. It will not make-or-break alot of people, but it does tend to change spending habits. If and when prices rise to $4.50-$5 this summer (and I think they will) I believe people will cut back spending severely.

Today the lowest I saw was 3.17. However, I have noticed when it spikes, it jumps about 35 cents at a time then slowly goes back down. 3.17 is the lowest I've seen in a few years.