Even though oil prices tumbled last week, there has been chatter about the similarities between 2011 and 2008, and $4 (plus) per gallon gas is high atop the list. 
So does that mean we're going to see a replay of that year's economic horror show?
In a note put out last Friday, Citi's Jeff Black states the never re-assuring phrase "It's different this time."
Well, what's different? Simply, the other economic fundamentals are better.
For example, in 2008, growth in personal consumption expenditures (PCE) was shriveling, whereas now it's still growing (nicely, in a v-shape).
All that being said, it's not hard to draw a line between softening macro numbers and the surging gasoline prices. We're not sure if anyone will feel relieved by any of this. With any luck, gasoline will plunge this summer.
