The Gas Price Myth

IT ALWAYS CROPS UP about this time of year. The media, of course, demonstrates that it has the collective memory of a fruit fly, witters on about how the trend is up and pretty soon will go out of sight, while the rest of us, who (however dimly) understand markets, know that the price will fluctuate.

A week ago last Tuesday, I filled up at $4.159. Today, same Shell station: $3.729. Eleven percent drop?

Of course, the error is to assume that the snapshot you see today is indicative of a trend that will continue unabated to infinity.

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