CARPE DIEM: Gas Prices As Percent of Income Are Still Affordable
Excellent chart to help understand exactly what the prices mean over time.
Here is another one.
Yes gas prices are high. But they STILL are not as high as several other recent periods of oil crisis in our history. Markets correct themselves when they get out of bounds - although sometimes the boundaries are expanded by fear and hype - especially with a geopolitically sensitive commodity like oil.