Cost of oil on the way down?

There are many reports today regarding the cost of oil.  CNN and a local newspaper, the Deseret News are reporting (Click here for the CNN version and here for the Deseret News version) a barrel of oil to be below the $120 mark for the first time in months.  This is welcome news especially since a tropical storm by the name of Edouard has been threatening the oil rigs in the Gulf of Mexico.  Apparently this threat isn't as much of a concern as it once was.  Another item that is having an effect on the price of oil is consumer spending.  Consumers are trying to make ends meet and are not spending as much for goods as they once were.  Unfortunately, gas prices are still very high and are not coming down as quickly as oil is.  I personally believe the days of $2.00 gasoline are long gone and doubt the cost of gas will go below $3.00 anytime soon if at all.