The new question, as it pertains to oil, is now: how far will it fall before a significant shift in consumer thinking occurs, yet again?

The price of oil fell through $120 a barrel on the session for the first time in several weeks. After reaching $145 a barrel, oil has steadily pulled back, amid attempts by some traders to push the price higher. Monday's brief flurry of buying early on was motivated by news of a refinery explosion and worries about another tropical storm, but it didn't last.

Oil...