Why has the oil price dropped?

Question

Considering it has been going up and up for months, i don't understand how it can suddenly go down. Are 'they' having a laugh? If it is down to supply and demand then where in the world has the demand dropped?

Answer 1

its going down because, they are looking harder to find more gas and the more we find then the less amout we have to pay! so say if we were to find another drilling hole it would prob go down!

Answer 2

Apparently alternative fuels like E85, ethanol, and electric advancments are starting to pick up more of the gas market. When the alternatives are cheaper, it puts less of a demand on the oil.  

Answer 3

Nothing to do with supply, just the speculators and stock market.  Somebody obviously did some sensible trading for once.

Answer 4

Less demand in the US, the US dollar is stabilizing......many things

Speculators have stop bidding up the price of oil.

Answer 5

I'm just glad that it is coming down.