Oil Drops, So Do Gas Prices

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The price of oil is still plunging - dropping today to its lowest level since June of 2007.

Oil was down another $5.00 - around $67.00 a barrel.

The price of crude oil has now plummeted more than 50 percent from its peak.

Just a few months ago in mid-July it had reached $147.00 a barrel.

The plunging price comes after more forecasts that the U.S. may be headed for a severe economic slowdown that would cut the demand for crude.

A stronger dollar this week has also pushed oil prices lower.

And the lower oil prices continue to translate into good news for drivers.

AAA reports the average price for regular unleaded is down to $2.85 a gallon.

That's down more than $1.25 from the record set back in July when gas hit $4.00.

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