Drop in Oil Prices Likely to Bring Bargains at the Pump
NATIONAL REPORT -- Drivers will likely feel relief at the gas pumps in the near future. Oil for September delivery was trading at approximately $78 per barrel on the New York Mercantile Exchange yesterday, down by about $3.50 per barrel to reach the lowest prices since last September, according to a USA TODAY report.
The U.S. government's weekly survey revealed that the national average price of a gallon of regular gasoline was $3.674, having fallen nearly a nickel from the week before. Overall oil prices have dropped by a third since May, according to the report.
"It's clear we're entering, or are on the precipice of, another global financial crisis," NUS Consulting analyst Richard Soultanian told the Associated Press. Soultanian predicted that oil prices will continue to fall until they reach between $55 and $60 per barrel before bouncing back to the mid-$70 range in the fourth quarter of this year.