Falling gasoline prices are a reflection of the broader economic collapse, says a local oil industry analyst, and it probably won't be good news if they stay low.

Richard Heinberg is the author of Peak Everything and The Party's Over, among other books on oil and energy policy issues.

Heinberg says that pump prices and the per-barrel cost of crude were not the only things that peaked last summer.

Reining in oil speculators would be a constructive response to the events of the past year, Heinberg says, but that's only a first step.