Why is the price of oil coming down all of a sudden?

Which factors are making this happen? How far down do you think it will go?Why is the price of oil coming down all of a sudden?
Here are three main reasons for the price of oil coming down.





1) Demand for gas has dropped because of the end of summer. Less driving = less need for gas.





2) Supplies of gas and oil are up. When we have more than we can use prices always come down.





3)Things have somewhat settled down in the middle east. This means that supply will not be interrupted.





I have heard one report saying that gas may go as low as $1.95.Why is the price of oil coming down all of a sudden?
auto makers. pure and simple. The oil industry works with auto makers and they don't want us to change to more environmentally non fossile fuels. The bigger the cars the more fuel we will consume. the more hybrids manufactured the less. Plus our president has huge interest in this.
Hazballa and Israelis war is over, not as big of a hurricane season, elections are coming up and ALOT of republicans invest in oil companies. Top 3 I can think of.
The answers I've seen here so far (first 4) all are true.





Keep in mind also that prices are still likely going to average significantly higher this month than they did last September.
The summer season is coming to an end. People are not on vacation anymore!
Because it is close to election time. I read somewhere that gas may go to $2 or lower per gallon by election day.
Elections
Cause that crazy israeli/lebanon thing calmed down, and


the iran talks are going good. They price in bad news,


and when it gets better, the price drops.
why would you even ask this question just be greatful that its coming down by the why do you even have a car
Its close to an election brother, they got to lower the prices so the incumbents don't get all their asses handed to them...
Thats easy. It's almost election time.
Supply and demand.
The price of oil was never up in the first place. In the oil industry they are allowed to raise prices, just because they think that there will be a shortage in the future, which is what they did. The oil companies actually did not pay more for the oil, only the consumers. In any other industry this is illegal, but for some reason it is not. I believe the price is lowering now because there isnt much more justifications they can use for price fixing the oil at such high prices at this time.
the age of cheap oil has ended. the base price is changing every few years. ten years ago the base price was $18 and the average price of oil barrier was moving between 18-25


nowadays the base price is about $60 and more.


there is no signs that prices are going down.


political problems are being everywhere, oil consuming is increasing dramatically, China and Asian growing countries are absorbing oil and they can consume all the quantities produced.


so the world is always in shortage of oil and the price will go up and will never go down.