Oil Prices Take Record Fall
By Carl Willis
POSTED: Thursday, March 20, 2008
HOUSTON -- The slightly lower price at the pump Thursday was more than welcome news for Houston drivers, KPRC Local 2 reported."This morning it's about the cheapest it's been in a while," Kela Spearman said. "I can do this one."There is hope that the price will continue to drop, especially for those who drive for a living and have been spending money hand over fist to fill up."Every week, about $70 to $75," independent distributor Adama Ndao said.After reaching record levels of over $111 a barrel on Monday, the price of light crude fell $4.94 on Wednesday. That is the largest single-day slide since January 1991, when the U.S. launched the first Gulf War.Experts said the price drop can be attributed to the Federal Reserve cutting its key lending rate. However, the cut was less than some investors expected. That sparked a rally that, in turn, strengthened the dollar and gave traders a reason to sell.Also, a national report showed that as the price of gas has gone up, the demand at the pump has gone down.Drivers just hope the trend they are seeing at the gas station will continue."I can't fill it up," Spearman said. "I'm waiting on the gas to go down some more!"When a barrel of oil is sold, that oil won't make it to your car as gasoline for as long as three to six months. Experts said drivers will not feel the benefits of this recent price drop until then.
Copyright 2008 by Click2Houston.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Copyright 2008 by Click2Houston.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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