[ME_Andy]

I have to eat my hat regarding my earlier estimation that average US gas prices would never again exceed $3/gal. It looks like the low oil prices have driven so many US drilling rigs away that gas prices will surely take a hard bounce.

Now here's my most recent theory: I expect OPEC to drive oil prices down, then let them bounce back periodically, like a sine wave. By doing so, they will keep their average price/gallon high enough to cover their bills. But the smaller oil producers who don't have strong cash reserves are going to be wrung out of the market on the downswings.

I think this game might work for a few years, maybe even a decade. But eventually, I still think electric cars and higher fuel efficiency standards will slowly kill off oil.

Your thoughts?