(October 6, 2008)—Crude oil was trading at less than $90 a barrel Monday for the first time in eight months and the price you’re paying at the pump is dropping, too.
Traders think the widening world financial crisis could lead to a drastic reduction in the global demand for energy.
Light, sweet crude for November delivery was recently down $3.06 to $90.82 a barrel on the New York Mercantile Exchange.
Oil prices have tumbled nearly 40 percent since peaking in July.
At the pump, the American Automobile Association says the average price for regular unleaded is down to $3.50 a gallon, 61 cents less than the record set in mid-July.
Prices have dropped to less than $3 a gallon at stations in Laredo, Harlingen, San Benito and Brownsville, according to Texasgasprices.com, which found the lowest price at the pump Monday at a station in San Benito that’s charging $2.85 a gallon and the most expensive gas at a station in Clyde, where a gallon is going for $3.79.
Texasgasprices.com
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