Gas Prices at 90-Year Low

Source:

Yesterday's PPI report showed the biggest plunge on record thanks to gas prices dropping by nearly 25%. If we adjust for inflation, gas prices are much lower than they've been for much of the last 90 years.

Over the summer, the price for a barrel of oil peaked at $147.27 per barrel. I know we're all supposed to be worry about this, but would you believe that oil just hit a 21-month low

Crude oil for December delivery fell $2.09, or 3.7 percent, to $54.95 a barrel at 2:42 p.m. on the New York Mercantile Exchange, the lowest settlement since Jan. 29, 2007. Prices have tumbled 63 percent since reaching a record $147.27 on July 11.

Gasoline for December delivery tumbled 6.45 cents, or 5.2 percent, to $1.1746 a gallon in New York, the lowest settlement since the contract was introduced in October 2005...

Gasoline pump prices have dropped 49 percent from the record $4.114 a gallon reached on July 17.

Yesterday's PPI report showed the biggest plunge on record thanks to gas prices dropping by nearly 25%. If we adjust for inflation, gas prices are much lower than they've been for much of the last 90 years...

Related Articles

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe