Who's responsible for bringing down the price of oil?

[screembloodymurder]

I would argue that we, American drivers, are responsible. We reduced our driving and gasoline consumption fell 2%. We've proved that conservation is our most lethal weapon against rising prices. No need to drill 5000 feet below the sea, no need to spoil the Arctic, all we need is the discipline to curb our appetite. A 2% drop in consumption brought the price of oil down 30%. Imagine what we could do if we had a leader that wasn't controlled by big oil. Imagine what we could do if conservation was our patriotic duty and those "support our troops" magnets were placed over our gas caps instead of our trunks.

[liberal N proud]

1. It will go back up after the November election

[pampango]

3. It will go back up after it hits bottom in the winter like it does every year.

Peaks in the summer, goes down in the fall, hits bottom in the winter and rises in the spring. Happens every year whether there is an election or not.

[Trajan]

2. I believe it is due to the course of investigations

drilling into the speculation bubble, and making the small groups who have been ramping up the price a tad hot under the collar ....

Just a guess ...... But hey: There is an election within two months too ....

[antigop]

4. Oil investors pulled $39 billion in futures contracts

http://www.bloomberg.com/apps/news?pid=20601103&sid=ax6CtUUtg4EI&refer=us

Commodity index investors, blamed for record oil prices, sold $39 billion worth of oil futures between their July record and Sept. 2, causing crude to plunge, according to a report to be released today.

The work by Michael Masters, president of the Masters Capital Management hedge fund, blames investors who buy and hold an index of commodities for driving prices to records, and for their subsequent drop. It comes a day before the U.S. Commodity Futures Trading Commission is set to discuss its own study of energy trading with a congressional committee.

Masters testified three times before Congress this year, arguing that limits on traders would cut oil prices to $65 to $70 a barrel. He has been cited by lawmakers who introduced at least 20 measures to curb speculation. Congressional pressure on the CFTC to step up enforcement and restrict anonymous trades has pushed index traders out of their positions, Masters said.

``I don't think it's just coincidence that the money came out after the pressure was put on these folks,'' Masters, who wants legislation that would set limits on index commodity holdings, said in an interview.

[Wednesdays]

5. I'll take a wild guess...November 4th is responsible

:think:

[chelsea0011]

6. You got it right...conservation and the threat to speculators.

[The2ndWheel]

7. That's not conservation

Conserve when the price is cheap, now that would be an accomplishment.

[whyverne]

8. You are right but Congress doesn't get

enough credit for closing the Enron loophole and backing off wild speculators. They don't want you to know that your government can help to save you from these damn Ponzi schemes.