Why are oil prices going down since the financial crisis?

Is this to make is cheaper so people will be more productive or able to do more things to spend money? i just read its below 80 dollars a gallonWhy are oil prices going down since the financial crisis?
It's a combination of low demand and a high surplus of product. And while it's certainly helpful to have low gas prices right now, I think it has more to do with the lack of demand of the manufacturing community then with Mr %26amp; Mrs. Main Street USA.





Many of us wonder why it was so high in the first place. Well, oil, or more importantly petroleum, is in just about everything you touch. Plus everything must be transported at one time or another (hence the reason that oil prices are effecting food prices).





Let's take a look at just one application of petroleum. Plastic. Just taking into account the computer you're sitting at: Keyboard, monitor, tower (or your entire laptop, if that's the case) chances are at least 80% of it is plastic. Now, think about your day-to-day plastic encounters (not including those plastic credit cards): Eating utensils, shopping bags, office supplies, medical equipment, appliances, electrical equipment, I could go on and on. Heck! Look at your car. Other then the gas to run it and the oil to keep all the parts lubricated its made of a lot of plastic %26amp; rubber. Even your underwear has petroleum-based latex used in making elastic. Oil is EVERYWHERE.





So back to my original point: We're not buying as much, making as many parts, and just in general not consuming it at the alarming rate we once were, but they are still drilling %26amp; refining it at the same high-production pace.Why are oil prices going down since the financial crisis?
No, simple supply and demand.





Here are facts most don't know.





China, nearly shut their country down for 3 months for the Olympics and Para-Olympics. They shut down their factories and implemented a policy that kept 1/2 of their cars off the road. This was to combat pollution. So, since July, they have not been importing any oil. NONE. China actually is using more oil/gas than the US--something the enviro-fascists refuse to take into account.





Then, add to that the millions of people who have lost their jobs in the past year (housing, mortgage, banking, investing, insurance, real estate, etc, etc) PLUS the millions who silently lost their jobs since Clinton opened trade with Mexico and China.





So, we are using less. Prices drop.





But, rest assured, China's economy is now strong enough to support itself and continue to grow, as it is right now, they will put their cars back on the road, it is heading towards winter and their citizens have tons of our cash and none of our debt.





Gas will skyrocket within a couple months. OPEC is cutting production and when China comes back online, their will once again be more demand than supply.





Prepare, it is coming.
For one, oil is priced in dollars. As the world market has tanked, the dollar has risen somewhat, so gas becomes a little bit cheaper. Demand has also decreased as people are looking to save by staying home and manufacturing production has decreased lessening demand in places like China.





Edit:


I said basically the same thing as the guy below and I get a TD?
It's because of less demand. Purses are tight right now. People only go to work now for the most part. And with people losing jobs they don't need to drive that much anymore either. When demand is low the price drops.
Because people aren't going to be driving to disneyland when they don't have a job. People are not going to be buying the new ';plastic'; radio shoe horn from china.
overall global demand is at an all time low, which means supplies are going up. Although oil prices seem to follow their own laws, this really sums it up.
Its because there is less demand because people are less willing to buy it. When the market jumps up (if it does) oil might as well.
because it'll probably sky-rocket sometime in the near future..