Gas prices in the Twin Cities are now under $2.00 a gallon in some places, thanks in part to fewer driving miles by cash-strapped consumers and, therefore, lower demand. Dawn Duffy of AAA Minneapolis told the Star Tribune that “crude oil is about half the cost of what it was in July, demand has gone down [and] our inventory of gasoline rebounded rather quickly after the two recent hurricanes.” (OPEC is cutting production by 1.5 million barrels a day in hopes of slowing the price drop.)

Other factors include a seasonal dip in prices this time of year, after what some analysts say were overly inflated gas prices throughout 2008. Also, as CNNMoney.com argued in August, prices are down as a result of a crippled U.S. economy: “A weaker U.S. economy affects not only demand from drivers, but it can also weigh on commercial fuel use if consumers buy fewer goods.”

But Rep. Michele Bachmann offers two other factors: the expiration of the ban on offshore oil exploration — and herself.

In an Oct. 29 campaign event with Norm Coleman, Bachmann took credit for gas prices that in her district were $2.04 a gallon, “That was my goal. When I started out early this year, my goal was to get to $2 — oh they gave me grief for it.”

A day later at her Townhall blog, she gave this explanation for the drop in prices:

What happened the past few months to lower the cost of gas? Several things, but perhaps most importantly, Congress has let the ban on offshore oil exploration and oil shale expire, sending a signal to the markets that the United States may finally be ready to up their supply. Also, the collapse of the global markets has stabilized the American dollar. In other words, we’re now getting more bang for our buck.