Beginning in the spring, gas prices nationwide rapidly climbed to record highs because of demand from developing economies such as China and India. However, demand from China may be slowing: New figures show it has purchased 7 percent less oil from the world market this year than last, Fairclough said.

In the United States, drivers are finding ways to save gas, and at the same time, the Organization of Petroleum Exporting Countries has allowed production levels to remain constant in order to stabilize prices. This has led to an overall decrease in prices, Fairclough said.

In the past, a political event in an oil-producing country would have been reflected in the price of a barrel of oil. But times seem to be changing in the global economy.

"We've had the Iran nuclear threat, we've had the Georgian-Russian fighting," Fairclough said, and the price of oil continues to decrease.

The downward trend of oil prices, however, will not continue "if we don't keep being smart about how we're using our energy," Fairclough said. "Just because we've got a little decrease doesn't mean we should relax our efforts to conserve."

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