As I'm sure you've noticed by now, gas prices have fallen back from the phenomenal highs of last summer. The immediate cause has been the economic crisis. When credit markets seized up, some companies that wanted to buy oil simply couldn't get the cash. And perhaps more importantly, the economic slowdown has decreased projections for oil demand. Markets that seemed tight are now looser than they've been in a while. But those changes are just on the demand side. On the supply side, though, little has changed. If anything, the outlook for oil supplies is somewhat more pessimistic than it …
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Clark Williams-Derry is research director for the Seattle-based Sightline Institute, a nonprofit sustainability think tank working to promote smart solutions for the Pacific Northwest. He was formerly the webmaster for Grist.