What is causing the gas price to fall?

Question

In July it was a record $147 but now its steadily going down (now probably around $117) I'm curious, what is causing oil price in US to fall? Is it simply less demand of gas? Do you think it will continue to fall and go below $100 by the end of this year?

Answer 1

Consumer demand (or, really, lack thereof) has finally dropped to a point where that's all they could do - drop the price.  People are wisening slightly, and beginning to change their behaviors.  With the conflict in Georgia, however, we might see prices go back up , as two or three major pipelines run under...here's hoping they can keep it peaceful.

Answer 2

THE MIDDLE EAST IS WORRIED THAT WE ARE GOING TO START DRILLING MORE OIL IN ALASKA.

Answer 3

the price of gas normally goes up during the summer and starts to go down by fall.

so that's one factor

there has been talks of politicians making it so people can't speculate on oil (which can cause the price for a barrel of oil to go up)

that may be a factor.

I have no ideal if oil will go under $100 a barrel.  I hope it does.  

Answer 4

yes it actually is because of less demand, not only here, but around the world.at this rate it is possible that it will fall even more but only time will tell.....