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Multiple time in the past week OPEC has stated they would like prices to stabilize at about $70/barrel. The problem is the worldwide economy is going in the toilet so consumption is greatly reduced. Hello, it's supply and demand rearing it's ugly head on a global scale. Americans drove 12% fewer miles in September vs a year ago. That was reflected in the price drop, then adding capacity from refineries off line due to hurricanes coming back on line.
The shaky economy will keep prices low as people reduce expenses as a buffer against inflation. Folks are keeping the savings at the pump or using it to pay other bills. Fortunately, the surplus is also reflected in reduced heating oil prices just as the heating season hits. This will help lessen the pressure on govt heating plans that were predicted to run out of $$ before the winter was over at the higher prices.
This isn't all just about the price of gasoline.
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