Amos: Here is some more news for you.

Looking at the chart, see how the price of crude took a dive when Bush ended the federal ban on offshore drilling?

The blue line is the price of gas which started dropping a few days later.

Demand for gasoline has been declining all year but it made no difference in the price because oil traders kept bidding up the price of crude.

U.S. oil demand drops in first half of 2008
        
WASHINGTON – U.S. oil demand was significantly down for the first six months of 2008, API said today in its Monthly Statistical Report. While U.S. refiners churned out record and near-record amounts of oil products, imports – especially product imports -- fell substantially.

Deliveries of all oil products – a measure of demand – fell 3.0 percent compared with the same first-half-year period in 2007, with gasoline deliveries slipping 1.7 percent. For the preceding three years, oil demand had essentially held steady.

API statistics manager Ron Planting said, "At 20.08 million barrels per day, total demand was the lowest in five years. And the decline in gasoline demand was the first significant one recorded in 17 years."