Oil prices have been sharply lower this week, down about 7 percent since Friday.
In New York trading today oil settled at $91.98, down $3.31 for the day.
The recent run up in the price of oil may have been a bit of an anomaly. Analysts have been saying for weeks that oil prices near the $100 mark seemed too high.
Oil prices may also be coming down because U.S. oil inventories reported by the Energy Information Administration were higher than expected.
The price drop is particularly significant because prices are coming down despite QE 3, which critics of the Fed’s move often cite concerns that it could increase the price of oil and other commodity prices.
Oil today had its lowest close since Aug. 3. The crude oil price eventually sets the price of gasoline, so this confirms forecasts that gas prices will drop through the end of the month and the end of the year.
Nevertheless, a major flare up in oil producing countries in the Middle East or North Africa could could have an unforeseen impact on prices.