Crude oil prices tumbled yesterday to reflect concern that higher interest rates and slowing economic growth are curbing energy consumption, The Wall Street Journal reported.
West Texas Intermediate crude declined by 8.2 percent, falling below $100 per barrel for the first time since May.
Gasoline prices in the United States have drifted downward and are now approximately 24 cents off their peak of $5.016 per gallon June 14. The national average price of regular is now $4.779 per gallon, according to AAA.
The price of gasoline and diesel is still above $5 or $6 per gallon at the fuel dock in many regions. At Blue Points Marina in Cape Canaveral, Fla., 90 octane gas was $6.749 per gallon, and diesel was $6.659 per gallon as of yesterday, according to Waterway Guide. At Harbor One Marina in Old Saybrook, Conn., 89 octane gas was $5.469 per gallon yesterday, while diesel was $5.999 per gallon.
This morning, West Texas Intermediate was as low as $98.13 per barrel after closing at $99.50 yesterday. Brent crude was trading mostly around $104 to $105 per barrel today.
