True about speculation. Now, the prices of a barrel of oil about almost $100.00 LESS than it was in July. Also, even though gas prices are under $2.00/gal, people are still NOT driving much because of the economy and people are freaked out whether or not they'll have a job at the end of the day. The economy tanking is a primary reason why gas prices have plummeted from their record highs in July -- people are simply not driving like they used to. Even now with gas prices under $2.00/gal (national average) -- they still are not driving much. People are freaked out about the economy and whether or not they'll have a job at the end of the day. Stocks have been slaughtered. Even the threats of OPEC cutting production have done absolutely NOTHING to stop the ongoing downfall of the price of gas.
The good thing is is that even when the economy picks up and the price of gas increases -- it won't skyrocket (it shouldn't!) to the levels we saw this summer because people have already altered their use of gas -- and still are -- even with prices at the pump today.
It's too bad that the price of basic goods that spiked because of fuel/energy costs months ago didn't go back down.