Americans are using less oil, 5.3% less than a year ago. That is having an impact on oil prices, when combined with the fact that post-hurricane production in the U.S. is coming back to pre-hurricane levels in the Gulf Coast. As a result, relief at the pump during a period where customers are seeing a lot of bad news about everything else.

From a high of roughly $147 a barrel, oil has slid down to just under $89, a price not seen since early last year. This has a direct effect on what you'll pay at the pump, which you may have already been noticing. Gas is down to a national average of $3.447 a gallon. Experts believe it may edge back down to the $3 a gallon area.

The reversal is striking enough that OPEC is having an emergency meeting to figure out how to handle the slide in prices and how to shore it back up, though so far their production cuts haven't halted the change.

The global slowdown is helping this slide, however when and if economies begin to stabilize, one should expect to see prices start a regular march upward once more.