Oil Falls Below $70; Gasoline up 60% in 12 Months

The price of oil has fallen below $70 for the first time since early October, thanks to increased U.S. petroleum reserves as well as a strengthening dollar. Since hitting its 2009 high of $82 per barrel on October 25, the price of oil has fallen nearly 15%.

Despite falling oil prices, the national average price of a gallon of regular unleaded gasoline has remained relatively flat over the past month, falling just two cents from $2.65 to today’s price of $2.63.

While the price of gasoline is still well below the record highs set back in July 2008, it is still up nearly 60% from a year ago when the national average stood at $1.65 per gallon.

Currently only Hawaii ($3.53) and Alaska ($3.22) are reporting a state-wide average gas price above $3 per gallon, while 14 states are reporting an average gas price below $2.50 per gallon. Oklahoma currently has the lowest average price at $2.43 per gallon.


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