Oil should be at $60 per barrel

In Saudi Arabia, the cost of a gallon of gas is $0.45.

A Peek Behind the Price at the Pump - New York Times

Based on more traditional fundamentals like the cost of finding, producing and shipping crude, oil should be in the mid-$60s, says William H. Brown III, an independent energy consultant in Chappaqua, N.Y., who monitors investment flows in the energy sector.