Big drop in gas prices

In just one week, the average price of self-serve regular in the L.A. area plunged 14 cents a gallon, to $4.339 - and some gas stations are pricing regular at under $4 a gallon. That marks the sixth consecutive week pump prices have fallen, according to the government's survey. It seems as if the old supply-and-demand bit is finally taking hold. The price of oil has dropped $22-a-barrel in the last few weeks because demand has fallen so much (Americans in May drove 3.7 percent less than they did a year earlier, the third-largest monthly drop in the 66 years such data have been recorded). And more drops could be on the way. As oil analyst Jim Ritterbusch tells CNBC, "It just really feels like a market that wants to head south for several more dollars, probably down to $117 during the next one or two weeks." Trader John Blass is looking at more volatility, with a range of $110-135. Now, let's be clear: $4-a-gallon gas is still plenty expensive and still an inhibitor to growth. But with so much of the current troubles based on a feeling of bad times, you shouldn't discount the relief - psychic or otherwise - of paying 15 bucks less to fill your tank.