Oil prices fell to the $111 level Friday, reaching their lowest point in more than three months, reports the AP and Yahoo. The dollar gained some ground and it seems world demand for oil has fallen.
The $111 price per barrel is the lowest since May 2. In mid-July, oil was going for $147 a barrel.
Analysts who said high gas prices would be a good thing because they will force us to drive less might be right. Demand has dropped and so has the price.
The national average for a gallon of regular gas is $3.771, according to auto club AAA, the Oil Price Information Service and Wright Express. Gas peaked at $4.114 on July 17.