[![Gas vs. Oil](/u/2008/05/gas-vs-oil.thumbnail.jpg)
It's a scary thought, but could gas prices be too low? This graph shows the movement of old (Brent crude) vs gasoline prices at the pumps over the last ten years (source: U.S. Energy Information Administration).
The data seems to indicate that the price of gas at the pump has lagged behind the increases in oil prices over the last year. The implication is that if the price of oil was to steady around the $125 per barrel price, then we should expect gas prices to continue to rise to $4.50 per gallon.