Price of crude oil hits year low - WALB.com, South Georgia News, Weather, Sports

Price of crude oil hits year low

You might be pleasantly surprised by what you see at the gas pump in the coming weeks.

Prices may fall.

That's because crude oil prices are dropping.

The cost of a barrel is down to a little more than $81.

That's the lowest price this year, though it's still about $10 a barrel more than a year ago.

The main reasons for the falling prices?

A slow growing economy and simple supply and demand.

"We could see a drop in gas prices in the next couple of weeks, or two to three weeks. The main reason why that is, is because the speculation of demand for gas is going to go down because of, not only the problems we're going through with the US economy, but because of what's going on over in Europe and in Asia," said economist Aaron Johnson.

Georgia gas prices have fallen more than 7 cents a gallon in the past week, averaging $3.64 per gallon.

The national average of $3.66 per gallon.

Copyright 2011 WALB.  All rights reserved.

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