Wednesday, October 29, 2014

Oil Keeps Dropping

One of the big financial stories of the year continues to be the drop in oil prices, with gasoline prices dropping alongside them. Oil prices have fallen 25 percent since June, and it's now trading at around $86 a barrel. It's been up above $100 a barrel for most of the last three years.

But it may be falling even further. Goldman Sachs is now predicting that oil prices will fall to $70 a barrel by the second quarter of 2015. To show how quickly things are changing, that forecast comes just three weeks after Goldman's last prediction for the price of oil.

That's why the national average for a gallon of gas is about to drop below three dollars a gallon; they currently sit at $3.03. The lowest average prices for gas comes in South Carolina, where they're paying just $2.78 a gallon. We're not far behind that here in New Jersey, where the average gallon of gas costs just $2.86.

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