Gas is bought in advance, in "futures" like pork bellies so what we're seeing now was gas bought a while ago and reflects how much was paid then. Summer is coming on, when people travel and use the most gas too; it's got to go up, does every summer.

But it's not going to go "down". We won't see gas ever again in the $2.99 range. When I got my first car in 1972, I paid less than $5 to fill my tank.