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Oil prices continued their recent fall during this morning’s trading session thanks to a mild start to the Northern Hemisphere’s winter season as well as growing oil inventories from non-Organization of Petroleum Exporting Countries (OPEC) nations.
Prices for a barrel of oil were trading down $.35 this morning at $58.62. This came on the heels of a nearly 4% drop during Friday’s trading session.
Thanks to the recent decrease in the price of oil (which has been stuck between $58 and $61 per barrel during the last month and a half), the average price for a gallon of regular unleaded gasoline has fallen by a penny to $2.24.
However, if you look at a chart of historical gas prices, this is usually the time of year when the average price of gasoline begins to slowly creep up, usually due to falling temperatures which cause in increase in the demand for oil.