Friday, October 31, 2014

PLUNGING GASOLINE PRICES: The Average Drops Below $3

Today, for the first time in 4 years, retail gasoline prices will average less than $3 a gallon, according to the American Automobile association.. That’s down from this year’s peak of $3.696 in April.

Booming domestic oil production in states like North Dakota and Texas are playing a significant role. The surge in production will propel domestic output next year to the highest level since 1970, EIA forecasts show.

U.S. benchmark West Texas Intermediate oil fell $14.21 a barrel in the three months ended Sept. 30, , and on Oct. 27 it dropped below $80 to the lowest level in 28 months. North Sea Brent crude, the global benchmark, slid $17.69 a barrel in the same quarter to $94.67 and traded at $85.25 this morning.

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