2008 oil bubble was a test

This is my first topic post so I'm making it short and simple.
Earlier today I was doing some thinking about oil and gas prices so I did some research when I got home and made an interesting discovery.Back in 2008 when oil reached its peak of $147.27 gas was at $4.11 a gallon.Now look at today's prices oil is at $110.92 and gas is at $4.29 a gallon.It is my opinion that the 2008 oil bubble was a test to see how high they could get the price of oil before it would peak and drop off.Well it looks to me like they plan on not making the same mistake twice.I know that there is probably no connection between oil and gas prices but I just find it kind of odd that the prices are like this.Tell me what you think about this.Am I thinking to much into this?

I don't know if you are thinking too deep or not. I do seem to remember that when the gas prices peaked in 08 it didn't take long for the stock market to crash. With all the pressure on the dollar and a floundering economy I think we may be looking at another crash in the near future.

Haha you Americans think you have it so bad, here in UK we pay almost £6 a gallon, in your money that would be around $12!!

However most of that is tax, I think about 70% or possibly more. The government know the elasticity of demand with fuel is such that they can ramp up the price and the idiot public will still pay. BAck when I 1st started driving 8 years ago the price of fuel was almost exactly half what it is now, even that was considered expensive.

Its now got to the point where its affecting peoples jobs and livelihood, something needs to be done but nobody seems to want to do it??

reply to post by wraith257

I did hear an oil executive (whose name I don't recall; I think he was with Chevron) recently say that there seems to be a "psychological barrier" at $4.25. (BTW, he didn't say how or when they learned this.) Anyway, my thought at the time was that they would continue to gouge and hover around that number as long as possible.

One of the points he made was that the oil companies don't control the prices; that they're controlled by "speculators." Despite what Obama said a couple of days later, I don't think anyone has much interest in putting any kind of limits on the speculators. I think the only principle in play is the "law of diminishing returns." That is, if prices get too high, they price themselves out of the market and nobody buys.

In any event, you can be sure that no one with any power is looking out for you and me....