I think a decline in gas prices is unsurprising for a number of reasons:
Consumers are getting fed up. Energy Department data show that demand for gasoline in the four weeks that ended March 30 was 3.8% below the level a year ago, as prices climbed toward that sticker-shocking four bucks. Bloomberg reports, citing another survey, that fuel use over that same period was 5.9% lower than a year earlier -- a record 54th consecutive decline. The market is beginning to flex its muscles, and may even contributing to the easing in gas prices. Supplies are rising. Last week, the Energy Information Agency reported that crude oil inventories showed an unexpected rise of 9 million barrels, a 2.5% gain, to their highest level since mid-2011. Sure, you can't pick up a newspaper without reading about Iran's customers being muscled to cut their purchases, which is the primary geopolitcal reason that oil prices are increasing. But the Saudis are cooperating, and will increase their production to offset any loss of production by Iran. That is not charity, of course, but simple self-interest by a country that hates and fears Iran almost as much as Israel does. The elections. President Obama can't be blamed for the increase in gas prices, but that hasn't kept it from being used against him by the Republicans. So there is an excellent chance that Obama will tap into the Strategic Petroleum Reserve -- and that Britain and France will take similar measures -- if prices don't fall of their own accord. Obama may have many shortcomings as a president, but he's still a Chicago pol. Chicago pols have been known to recruit voters from the cemeteries when it has meant the difference between victory and defeat. Tapping into the SPR is child's play by comparison.