Oil Prices Drop to Lowest in Month
December 6, 2007
Filed under Trailer News
Crude oil prices recently dropped to the lowest levels since October 25, sinking below $89
per barrel, and industry analysts say that some relief may soon be coming at the pump.
Crude prices were more than $10 below the all-time high of $99.29 a barrel. According to
AAA, gasoline dropped 0.8 cent to a national average of $3.088 a gallon. Prices have been
steady the last two weeks after rising for a month. Analysts think that gasoline prices may
drop soon to mid-October levels, when they averaged around $2.76 per gallon. Demand for oil
here fell 0.8 percent in September, compared to last year and is at its lowest level since
April 2006. Consumers say they are changing their driving habits, according to a recent
Automotive Aftermarket Industry Association (AAIA) survey, with 90 percent saying they are
driving less, 31 percent carpooling more, and 30 percent purchasing more fuel-efficient
vehicles. Another 75 percent said they are better maintaining their vehicle.