Oil has hit an extraordinarily low price, below $90 for WTI crude. That is the lowest level since October. It shows no inclination to spike back up. PMI data from Europe and China may actually depress it. There are talks going on which might defuse the Iran weapons battle. Iran’s government has admitted that sanctions have started to bit.
Gas prices have also begun an accelerated drop. Yesterday, according to AAA, the price for a gallon of regular on a national average was $3.676. That is down from $3.849 a month ago. A gallon of premium, on average, has now dropped below $4. There may be pressure on the US economy because of trouble in Europe. A plunge in fuel prices will not offset that entirely, but it will help.
Douglas A. McIntyre