One of the first things I see mornings driving to work is a gas station.  I note the price.  We’ve seen a gradual drop after a one dollar a gallon increase that occurred over a period of a few months.

When the Iranian military downed a U.S. drone there was a spike in oil markets.  I didn’t see a pump increase as of 3:00 A.M., Friday, although.  Things could’ve been much worse this morning.  Maybe we’ll still see a shooting war or just a few missiles lobbed at Iran.  If that happens, I could foresee 5 dollars a gallon.  At least for a few weeks.

If that happens, I could foresee 5 dollars a gallon.

I base this on memories of the first Iraqi War.  It didn’t last long but there was a massive increase in gasoline costs.  Within a couple of months the price dropped to pre-war levels.

It’s not comfortable but there’s evidence even with plenty of oil available around the world and at home, even minor disruptions will cause wild swings in what a barrel of oil will fetch.

Anyhow, the weather is good right now.  Biking is an option through the summer.