Sorry Al-Naimi, today was a killer.

Was it only earlier this year that consumers were clenching their jaws as analysts talked about the future of $150+ barrels of oil? Today, oil hit a 14-month low at $69.85, perhaps a small oasis for the average joe (six-pack or plumber?) in a desert of sour economic indicators.  But will falling oil prices really help consumers so much? And how did the price of oil get so low?

With winter around the corner, people might get a break with lower energy bills, and may find it a little easier on their pocketbook to drive to see their families over the holidays.  Although cheaper gas might change this, national oil demand is at its lowest level since June 1999 (gee, are highways getting emptier?), causing declines in prices.

As you would imagine, this ain’t pretty for petroleum execs or oil producers.  Gulp.  According to the New York Times, Iran and Venezuela need oil to trade at $95 a barrel to balance their budgets, and Russia needs at least $70.  Next week, OPEC is having an emergency meeting to figure out how to stabilize prices.  Things may look bad right now for major oil-producing countries, but with oil prices as volatile as they have been, who knows?

After all, what comes down must go back up.  Consumers need any respite they can in these times, but in the long-term, $4 gas could still be in the cards.