Once again, we are reminded that decreasing demand lowers the price of a commodity:
The drop in oil prices has come as gasoline demand in the United States fell sharply in recent months, thanks to Americans cutting back on their driving. Gasoline consumption fell 3.6 percent in the week ending July 18, compared with the year-earlier period, according to the Energy Department. Americans drove 9.6 billion fewer miles in May compared with the same period last year, a 3.7 percent decline and the biggest-ever drop at that time of year, the Transportation Department said on Monday.
And you know what? It didn’t take a windfall profits tax or increased regulations on speculation to bring any of this about. Something to keep in mind while the current Presidential campaign rages.