/2:21Why Delta is buying an oil refineryBrent crude oil, which comes from the North Sea, has also been declining.
Crude tankers move large quantities of unrefined crude oil from its point of extraction to refineries.
NEW YORK (CNNMoney) — Oil prices have plunged 6% this week, erasing the gains of recent months and easing fears about $5 per gallon gas .
"The bottom line is that the [oil and gasoline] market gets sloppy drunk every spring," he said.
White House tightens fracking rulesHe said the demand that drove prices this spring has run out, due to several factors including a slowdown in Asian demand for crude oil.
He also said conflict with Iran, which has injected anxiety into the markets and driven up prices in recent months, has been notably absent this week.
Iran has backed off its threat to shut down the Strait of Hormuz, a major shipping lane for oil.
Kloza also said that some European refineries have recently come on line, further reducing pressure on oil prices.
Delta Air Lines (DAL, Fortune 500) recently bought its own refinery, an unusual move for an airline, which could reduce pressure on oil prices.
Kloza said the oil price slump will likely put an end to the various forecasts of $5 gasoline, at least for now.
Rupert Dresser is a business journalist based in Adelaide, Australia. Rupert has a passion for financial markets and breaking news stories and loves writing about business news, stock market, and economic opinions that matters most to its audience. Rupert spends a lot of time discovering and researching latest financial markets and industry news stories in order to make sure the latest and greatest stories are brought to you first on BigBoardNews.com.