I was listening to some financial pundits argue about the decline of the dollar, how speculation in oil prices was going to drive the price of oil past the $100 dollar mark, and how the subprime mortgage mess was going to take us all into the poor house.

Of interest to me was how the pump price of gasoline hasn’t fully reflected the slow climb in crude oil. Raw math suggests that if $3.50 per gallon is reflective of $70 per barrel crude – then $4.90 per gallon would be the true cost of $100 oil.