The good news is, as I write this, gasoline remains cheaper than it was during my vacation last summer.  The bad news, the price per gallon has rocketed roughly 80 cents over the last couple of months.

There are numerous factors.  People drive more in spring and summer.  Greater demand draws on supply.

Sanctions on Iran.  A booming US economy and, yet.

A small producer like Libya is in the midst of a small-scale civil war.  Venezuela is a basket case.  Sanctions on Iran.  A booming US economy and, yet.

It’s not permanent.  Royal Dutch Shell has a major new find in the Gulf of Mexico.  More are expected in the same region.  Russia and Saudi Arabia plan to kick up production.  Alberta is again in the hands of an oil friendly provincial government.

Now, tomorrow I could get hit by a bus.  Odds are it won’t happen.  If all normal factors play out, cheap oil is with us again in just a few months.

Don’t take only my word.  Click here and get an analysis from OilPrice.com.