While OPEC and the oil-controlling nations still have the ability to affect prices by choking off supply, it still comes down to the amount of consumption and the amount of demand that will cause the biggest price adjustments. The drop in oil prices is very much due to the fact that the United States needs less foreign oil right now.
The current drop in the price of oil is temporary. If OPEC decides to decrease production, prices will rise immediately.Any political or religious conflict could spark an oil shortage. The only reason why prices are low is because consumption did not meet expected levels. We are in no way self sufficient. Our oil reserves would barely last ten years if we needed to rely on them exclusively. We must continue to search for alternative sources of energy and eliminate any dependence on foreign fuel.
American oil companies cannot produce oil and profit at that price the cost of production is much higher here due to environmental regulations and the technology required for fracking. The price drop is a tactic from foreign oil producers to damage American self sufficiency. If we want to be less reliant with foreign oil we will have to accept that prices need to go back up.
Many people in America started being more mindful of their energy consumption when oil prices were really high and the economy was depressed. That is a good thing but it is not the cause of cheaper oil prices. OPEC decided to increase production which started the oil fall. America is not responsible for everything.
I am not following oil news. I don't know how America operates. Or how oil prices are determined. Or who the price of oil affects.
I guess countries that are producers in the oil business might be suffering from the oil price drop. That doesn't concern me as an oil consumer.