WASHINGTON — Crude-oil futures dipped below $60 a barrel on Monday and the average retail price of gasoline nationwide is now $2.38 a gallon, the lowest level since March.
Before long, average U.S. pump prices could be just pennies away from $2 a gallon, analysts say.
While that would no doubt be a relief for U.S. motorists who had paid more than $3 a gallon this summer, gasoline is still about 70 percent more expensive than it was at the start of autumn just a few years ago.
Indeed, the petroleum industry is still raking in huge profits by any measure, though the recent slide in oil and natural gas prices has taken some of the froth out of energy company stock prices.
Oil prices have fallen by almost 24 percent since the July peak above $78 a barrel amid rising global inventories, slackening demand growth and a perception among traders that geopolitical and weather-related supply threats have eased.
The downtrend continued on Monday, with light sweet crude for November delivery on the New York Mercantile Exchange falling as low as $59.52, before bouncing back slightly to $60.16, a decline of 39 cents for the day.
Full story at Fox NewsNow, THIS is news in my opinion!!!!
All the hoopla about Clinton, the "intelligence report" on Iraq (or just enough of the report to cause a stir before elections), supposed torture on men that want us all dead and not a thing that I have seen yet telling about gas prices. I don't know about the rest of the people in America, but to me, this is news that makes me smile.