With fears of a global recession and a declining demand, the price of crude oil was down to $77.70 a barrel on Friday. US travelers have also been conserving, car pooling and traveling less since gas priced previously sky-rocketed to over $4.10 a gallon. Even though gas prices have come down, with prices at $78 a barrel … the cost at the pump should be under $3.00 a gallon. Oil companies still have a ways to go with the price so not to gouge “We the People”.
(Reuters) - The average price of a gallon of gasoline in the United States recorded its largest drop ever as consumer demand continued to wane and oil prices slid, a prominent industry analyst said on Sunday.
The national average price for self-serve, regular unleaded gas fell 35.03 cents to $3.3079 a gallon on Oct. 10 from $3.6582 two weeks earlier, according to the nationwide Lundberg Survey.
It was the lowest national average price since March 21, 2008. Since peaking at $4.1124 on July 11, the average cost of a gallon of gas has receded by 80.45 cents. Diesel fuel fell 21 cents to $3.95 a gallon, the first time since March that it has been below $4.00 a gallon.