U.S fuel prices experience biggest ever drop

U.S fuel prices experience biggest ever drop

The average price of a gallon of gasoline in the States has recorded its largest drop ever as consumer demand decreases and oil prices slide.

The national average price for self-serve, regular unleaded gas fell 35.03 cents to US$3.3079 (NZ$5.60) a gallon (NZ$1.48/litre) on October 10 from US$3.6582 two weeks earlier, according to the nationwide Lundberg Survey. This was the lowest average price since March 21, 2008.

“Plummeting oil prices and caving gasoline demand have combined to bring the biggest retail gasoline price cut in the history of the market,” Trilby Lundberg, who controls the  survey, said in an interview. “We’ve been doing this 58 years. This is truly the biggest price drop.”

On Friday, fears of a global recession helped drive down US crude oil futures prices more than 10 percent to the lowest settlement since September 2007. US crude for November delivery settled on Friday at US$77.70 a barrel, down US$8.89, or 10.27 percent, on the New York Mercantile Exchange.

The average price of a gallon of gasoline in the States has recorded its largest drop ever as consumer demand decreases and oil prices slide.

The national average price for self-serve, regular unleaded gas fell 35.03 cents to US$3.3079 (NZ$5.60) a gallon (NZ$1.48/litre) on October 10 from US$3.6582 two weeks earlier, according to the nationwide Lundberg Survey. This was the lowest average price since March 21, 2008.

“Plummeting oil prices and caving gasoline demand have combined to bring the biggest retail gasoline price cut in the history of the market,” Trilby Lundberg, who controls the  survey, said in an interview. “We’ve been doing this 58 years. This is truly the biggest price drop.”

On Friday, fears of a global recession helped drive down US crude oil futures prices more than 10 percent to the lowest settlement since September 2007. US crude for November delivery settled on Friday at US$77.70 a barrel, down US$8.89, or 10.27 percent, on the New York Mercantile Exchange.

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