Reasons for current oil prices?

I was going to add this thread to Alternative history, since we don't have an Alternative Current Events forum, but Intellectual discussions seems like a good fit, so here it stays.

 

Let's have a go at being intellectual speculators. Why do you think the price of oil was high over the summer but low now? Write down your mainstream reasons or add you two cents worth of other (less well known) reasons.

 

- Gas costs were high because the specualtors ran wild while making a profit.

- because China's booming economy needed it.

- because the US used a lot, all while oil companies made huge profits.

 

Added hidden meaning - Good 'ole President Bush had a sweet deal and made a bundle while the economy tanked.

 

Reasons for the cheaper prices lately?

 

- The media says its' because the economy stinks and people and factories don't use up as much.

- I say that plus 'someone' and some corps have made a bunch of dough recently.

- During this election month prices have been low. Wonder why? Who would gain from that? Hmm, powers that be maybe.

 

I could hear the doubters now. It's supply and demand they shout. Well, not really otherwise the OPEC cuts would have raised prices. No price increase even though supply has shrank.

 

What do you think?