Enjoying Cheaper Gas While We Can

Other reasons for the price slump include a rebounding dollar, a reduced threat to U.S. production from Hurricane Bertha and an easing of tensions over Iran's nuclear enrichment program. A declining dollar has helped boost oil prices this year; investors often buy commodities such as oil as a hedge against inflation when the dollar weakens.

Despite Wall Street's reaction, several energy analysts cautioned against getting too excited about crude's downward trend. "I view this as a two-day or three-day price correction that will be followed by new highs by month's end," said James Ritterbusch, president of a Galena, Ill.-based oil trading advisory firm.