Posted 12/6/2023, 7:44:00 PM
Oil Plunges Below $70 a Barrel, Signaling Gas Prices Could Soon Hit $3 Nationwide
- Oil prices have plunged below $70 a barrel for the first time since July, accelerating the sell-off
- Lower oil prices suggest gas prices could fall closer to $3 a gallon nationally, the lowest since May 2021
- The drop is driven by concerns about soft demand in China, record US oil supply, and disappointment over OPEC’s production cut decision
- Gas prices have already fallen to an 11-month low of $3.22 per gallon and could decline another 5-7 cents
- Analysts say there's a growing chance prices drop towards $3 a gallon nationally, barring new geopolitical turmoil