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Price increases are the inevitable outcome of the pendulum swing caused by numerous factors. OPEC wanted to curb US production so they flooded the market with oil. They were effective at slowing down US investment in production, which peaked in May of last year, and has been in decline ever since.
My worthless anecdote is that a coworker bought a new Charger 5.7L V8. Americans aren't concerned about their 16 MPG vehicle when fuel prices are so low. This will undoubtedly increase consumption as everyone runs out to buy SUVs and other fuel hogs.
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