So called *Experts* say it is because that the US is in a recession, but could it be that we are just becoming more aware of our oil useage and trying to change our habits and use alternatives ?? If so I say we keep going, imagine in a few years with more electric cars and alternative fuel vehicles, that oil will be so cheap that these oil rich middle east companies go broke. Terrorists are no longer able to get funding, etc. Just my thoughts. God Bless :)
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I think a lot of the recession has been caused by the jacked up price they have been getting for a barrel. The high price causes a lot of old dead wells to start back up, also driving price back down. Remember the 80's? They screwed up then and the price fell on em then too. But you are also right, I am one guy who will never use gasoline like I used to. Screw em! I'm electric now!
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During the recent spike up in price, I believe the major bottle-neck in the US was the refinery capacity. That, plus China and India were dramatically using more from the world auction market for crude oil. (I'm certain there are many more subtle reasons, I just believe those are the majors)
Why is it down now? IMHO, when there is a spike up in price, most people don't want to rush out and trade in their V8 for a 4-cylinder the first month, just to find out that oil cames back down again (or change jobs, or move their home). They often just reduce their driving habits. But over time, the general opinion becomes that this is a longer lasting situation.
Over the next few months, slowly, a large portion of the population begins gradually making bigger changes. Getting a job closer to home, trading in a car for one with better mileage, using an E-bike, etc.
This reduced usage is just now taking visible effect at the very same time as the "end-of-summer" driving season ends (some people still drive, fly, or bus for their once-a year vacation/family reunion, regardless of the price).
The refineries still operate 24/7, so fuel production blocks continue to be auctioned off, even as there is less demand. ($66/Barrel yesterday, compared to over $140 at the high?
Don't breathe any sighs of relief just yet, it WILL go back up, especially with inflated dollars coming to a bank near you...(invest in silver and copper?)