Oil prices jumped to $44 per barrel today, which has finally seen a wrap on a turbulent year of ups-and-downs for the oil industry, including the prices that consumers see at the pump, including the industry giving up four years of solid monetary gains in just five months.

The global economy isn’t helping matters.

Gasoline prices have been slashed (in some places) by over 50%, but these drops aren’t expected to last. In fact, gasoline prices have been rising steadily for the past few weeks, finally topping out at a nationwide average of $1.61. While still not as cataclysmic as $4.00 per gallon, the rise in prices is putting many people off as many consumers expected the drop in oil prices to remain somewhat steady.

However, the relief in our wallets at the pump was spurred by the credit crisis that hit during the early summer of 2008; in early December, the price for a barrel of crude oil went for a staggering $33.87, the lowest price in five years. Analysts are saying that the drop in fuel prices are stimulating the economy somewhat, which is something we could really use at the moment.

Another reason why prices have dropped is that surplus has finally outstripped demand, marking the first time that has happened in…well, in quite some time, to say the least. Buyers are having a hard time finding places to store all the oil, and some went so far as to put drums of it in their grandmother’s coat closet (strictly metaphorical, of course).

Needless to say, this huge drop in oil prices are spelling trouble for the oil industry, but consumers couldn’t be happier. Now your can drive your car to work, instead of jogging, and trust us – your co-workers will thank you for it.