My local gas station was selling premium last night for $3.68 per gallon. That is down almost a dollar from less than a month ago and is way less expensive as compared to Europe.

Why? Americans are driving less; oil consumption is down; and the price of the commodity follows. This summer as gas prices went up, we drove less to save on gas plus the cars we have been buying consume less oil. The virtuous cycle has begun in earnest.

Also, I believe that big oil wants to hold gas prices down during this election cycle. If the price of gas is down, it won’t become a big issue during the debates and during the voter thinking process. Big oil would love a Republican to win as the Democrats will go after big oil in a big way post an election victory.

So enjoy the low gas prices. But if we consume more, the price will go up though I bet the price will stay low and even go lower from here on out to Election Day.