What is the main reason the price of gasoline has gone down?

Question

im just wondering

Answer 1

Because of the increased value of the US dollar, as all oil is traded in US dollars. hence the value of the dollar rises petrol becomes cheaper

Our Government could also reduce petrol tax but hang on I forgot new labour is in power and the way they run things is taxing the life out of us.

Answer 2

Mainly because the value of the dollar went up. If the dollar didn't lose so much of it's value gas prices would be around $3.  

Answer 3

b/c demand has begun to drop and the speculators saw the writing on the wall.  it's one thing when people drive less, which they were, but the real portend was that people stopped buying SUV's and pickups and started buying compacts... for the first time.

Answer 4

The US dollar is up, demand is down to put it very simply. You can read more in the article below:

Answer 5

Many reasons:

US demand down some,  chinese demand down some- due to stocking up for Olympics, world demand down, dollar up,  two big speculative firms caught- one from Oklahoma one from switzerland.

Answer 6

crude is down,,,no new wars,,,no hurricanes,,,more drilling,,,bad economy cutting demand [people driving less] speculators have made their money and got out

Answer 7

Because it was ridiculously and artificially overpriced in the first place, and now some of that is wearing off.