Can anyone explain why the gas prices dropped so dramatically in the last week or two of November 2008?

there was a large decrease in demand due to the economic failure. people finally realized how gas was costing them when they went to fill up their suvs. the price of a barrel of oil is still high as opposed to when it began its rocket like ascent into the price stratosphere.

countries that have been using the high price of a barrel of oil to fund other activities are financially hurting now. we should use this opportunity as oil consumers to decrease our demand even further and de-fund oil rich countries like russia, iran, and exxon mobil.

Crude oil price per barrel dropped dramatically due to the global economic situation. Just like the stock market.

I agree with the first two responders to your question regarding the drop in crude oil prices. Also, the refineries in Texas and on the Gulf Coast have fully come back online since the hurricanes that went through there in August (or Sept, can't recall exactly).

The price isn't remarkably low now, it was unrealistically high before.

It was driven sky high before by the activities of large numbers of speculators.

These people have been chased out of the markets because of the recent volatility, for which they themselves are partly to blame.

There is also a decrease in global consumption due to the recession, but I don't think this accounts for all of it.