There's been quite a bit of speculation on talk radio and Sunday news programs, but the gist of it is, no one saw this coming. At least, no one I've heard of yet. Which means they likely are not 100% sure why it IS happening. I believe efficient vehicles play a part, but when folks go off the unemployment roles because they've given up looking for work, there's a lot less driving going on. We've heard there was a glut of not just crude, but gasoline, and in order for the industry to keep functioning, they must make it attractive to use more fuel, otherwise they'll have to start mothballing facilities. Only so many places to store it after all.
If the economy was doing "fine" on $3.00/gal, can you imagine how it will do when everybody has an extra $100/week discretionary loot in the wallet? That's $400/ month for me that's not going into my tank! That's not small potatoes, and if the powers that be can't see that, then we truly have no hope, because they really are out of touch with the average person who's paying the tax bill.
Hey, maybe they can tax us into prosperity, huh?