Gulf Oil Spill: getting it so wrong it must be time to drop the price of gasoline ... by gimleteye

Memorial Day is when Big Oil starts socking it to drivers; raising the price of gasoline to kick off the summer profit season. Not this year. Gas prices have fallen about 6% in the last 22 days, according to CNN. ("Energy Fix: Lower gas prices this Memorial Day... weird", May 28, 2010) Industry observers attribute the lower prices to a stubbornly high inventory, but the timing of this anomaly with the Gulf Oil Spill is no coincidence: "Indeed, since the leak began last month, when a well operated by BP was ruptured, the nation's oil supplies have increased by 7.3 million barrels, according to EIA data." My data predicts when the BP well is capped, inventories will fall and gas prices will rise again.