Not sure about your cause-and-effect conclusion:
On July 15, 2008, a sell-off began after remarks by Chairman of the Federal Reserve, Ben Bernanke, indicated significant demand destruction within the US because of high prices. Bernanke's statement precipitated an $8 drop, the biggest since the first US-Iraq war. [ 40 ] [ 41 ] By the end of the week, crude oil fell 11% to $128, also affected by easing of tensions between the US and Iran. [ 42 ] By August 13, prices had fallen to $113 a barrel. [ 43 ] By the middle of September, oil price fell below $100 for the first time in over six months, [ 44 ] falling below $92 in the aftermath of the Lehman Brothers bankruptcy. [ 45 ]
A stronger US dollar and a likely decline in European demand were suggested to be among the causes of the decline. [ 46 ] By October 24, the price of crude dropped to $64.15, [ 47 ] and closed at $60.77 on November 6. [ 10 ]
And doesn't the price of gasoline always peak in the summer?