Excellent article in yesterday’s Salon newsletter (sorry in the delay I am behind in my e-mail reading) breaking down the cost of gas:
http://www.salon.com/tech/feature/2008/05/29/price_of_gasoline/index.html
To summarize, don’t demonize Big Oil and don’t blame environmental regulation of refineries. Just pray that, like the internet bubble and the housing bubble before it, the crude oil bubble will go pop. Just don’t expect it to deflate to $1 gas.
