High Gas Prices Here to Stay ?

This is a "contrary opinion" follow up to yesterday's post on crude oil. Above this post you will see a scan of the front page of today's edition of the New York Times. The lead story above the fold on the left has as its headline "Oil Industry Says Biofuel Push May Keep Gas Prices High".

When the New York Times is encouraging its readers to believe that gasoline prices are on a premanently high plateau (or even going higher) my bearish nose starts twitching. And when the Times is joined by Jay Leno making jokes on the Tonight Show about high gasoline prices I become convinced that the next big move in crude oil and gasoline will be downward from current levels.