I know this is an old thread, but it's interesting to track such things over a long period of time.
Demand is low, and supply is high - OPEC isn't going to reduce pumping, as the Saudis try to reassert control within OPEC. Russia, Iran, and the Saudis are hurting because of the 40% drop in oil prices on the wholesale market.
I paid $2.49 here in SC over the weekend, and some economists are saying that it could drop below $2 by Christmas. The Washington Post had an interesting article on how we could see the largest shift in wealth in modern times with these dropping prices:http://www.washingtonpost.com/business/ ... ingtonpost