There was welcome news this week that experts believe gasoline prices could be ready to tumble by as much as fifty cents a gallon in coming weeks, instead of soaring even more above $4 per gallon.
If that does happen, we will probably see a repeat of the Congressional Gas Price Cycle, which translates into loud calls for action by both parties as gas prices go up, and then most people forget about the issue as prices go back down.
In the summer of 2005, gas prices jumped and then went up suddenly over $3/gallon after Hurricane Katrina.
There were all kinds of demands for investigations and legislation, and then prices suddenly went back down.
The next year, gas prices went up again to $3 gallon, and then quickly fell after that.
Congress held all kinds of hearings. Lawmakers made all kinds of calls for action.
In 2007, gas prices jumped over $3/gallon and then came back down a little. In 2008, they rocketed up to $4/gallon, bringing with it all kinds of calls in Congress for action.
Then, after the Wall Street Collapse, prices went back down to $2/gallon or less in late 2009, crept back up to the upper $2/gallon.
2010 did not bring us a big spike in gas prices, as that waited until 2011.
The arguments through all of these ups and downs in gas prices have been the same. Democrats blame the oil and gas industry; Republicans blame a lack of domestic energy supplies.
And we go round and round and round, with neither party able to do what they want.
If the price of gasoline goes down in coming months, look for the air to go out of the Congressional balloon as well on legislation dealing with energy.
Republicans will pass bills in the House opening more offshore drilling. Democrats aren't likely to bring that up unless it includes plans to revoke tax breaks for Big Oil.
My files are littered with stories that I have written over the years with all kinds of calls by both parties - and then Congress moved on to other issues once prices went back down.
This may be another one to add to that folder.
