The only way to achieve a short term price reduction is to reduce demand. Since we cannot change our commuting habits immediately, we all could increase our efficiency by reducing speeds to 55 miles per hour. The countries leaders need to reduce the national speed limit immediately to the traditional 55 mph.
Yeah, that has crossed my mind, too. I think it would be politically difficult to do, but I do think it would have the immediate effect of lowering demand. However, I would suggest this: make a law that says that if the spot price of crude goes above $150/bbl, we reduce the city highway speed to 55 mph. If it goes above $200 mph, we reduce all highway speeds to 55 mph.
This would be, I think, more politically palatable. It would also eliminate the current steep contango forward curve. The forward curve would probably still be contango, but not so extreme.