The price of oil has been falling — a drop that you may already have noticed at the pump. Gasoline prices have dropped noticeably since June, and oil is now well below $100 a barrel.
That decline has happened even as conflicts have flared in or near oil-producing regions. Normally, oil prices are expected to spike higher amid turmoil — so why have they been trending lower?
The global price did rise to just under $112 a barrel in June, when ISIS first swept into northern Iraq. But the price of crude has trended down since then — despite the U.S.
