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Oil & Gas Prices Plummeting

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MIAMI (CBSMiami) – As Europe teeters on the edge of financial disaster, China begins to sputter, and America is still stumbling economically; there is at least one area of good news dealing with your money.

Oil prices fell as low as $81.21 a barrel Monday before later settling at $83.08 a barrel. It was the lowest price since October 6, 2011. Oil experts said the price could fall below $80 by the end of the coming week.

This has translated to a big drop in gas prices over the last month. In Miami, drivers are paying on average roughly 28 cents less per gallon than they were a month ago, according to AAA. Miami’s current gas price has settled at $3.54 as of Sunday.

In Fort Lauderdale, the price of gas has dropped nearly 29 cents per gallon over the last month to $3.52 a gallon. That’s also 28 cents less than drivers in Broward were paying last year for a gallon of regular gas.

If oil prices continue to decline or at least hold steady at the current price, that could make a big difference in the U.S. economy. As summer hits, if gas prices decline, then more people may choose to hit the road and vacation, thus spurring economic growth in various cities.

The falling price of oil could have political consequences too. As gas prices have declined, Republicans have had to back off criticism of President Barack Obama’s handling of oil prices.

Still, oil prices are extremely volatile and could swing in a way that could benefit either candidate as the summer wears on.

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