I'm tempted to bury a big tank in the back yard and stock up on gasoline while it's cheap. But I suspect prices will stay well under $3/gallon throughout 2015. Too many oil-producing countries are desperate enough for cash that they have to sell at any price, rather than slow production.
I don't know what the long-term effects of this will be. It's like a free cost-of-living decrease for everyone with a car, but these low prices are probably going to retard growth of renewable energy sources, and will definitely stop investment by oil companies.
Maybe it's the perfect time to impose a high gasoline tax? People have gotten accustomed to $3+/gallon prices at this point, and lord knows our road and bridge infrastructure could use a cash infusion.
***Update, a week later***
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