Price At The Pump: Oil Falls Below $60 Per Barrel

For the past several weeks, even several months, oil prices have held fairly steady, remaining in the mid-$60 per barrel range.  But, thanks to OPEC’s increased production, that trend is no more.

“Many big banks had predicted that oil prices could come tumbling down in the last quarter of the year, and at least so far, that's really been what we've been watching, oil prices now below that critical $60 barrel mark for now,” said Patrick DeHaan is with Gasbuddy.com.

As of Tuesday morning, both West Texas and Brent Crude were trading lower by roughly 2%, with WTI trading around $58 per barrel, and Brent Crude trading just below $62.

As Oil Moves Lower, So Do Fuel Prices

DeHaan added as oil prices drop, so do fuel prices across the country.  And that’s a trend he expects to continue for a while.

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“Motorists could get a little excited at the prospect of seeing gas prices continuing to fall nationally," DeHaan said.  "The national average down nine cents from last week. It stands just two cents from falling below that $3 a gallon mark, something that we haven't seen on a weekly basis really since the pandemic. So, by all metrics, oil prices falling, gasoline prices and diesel prices all falling. Of course, this coincides when the time of year that this usually happens in fall, prices do tend to fall.”

What is the significance of oil below $60 per barrel, and what could a return of the Keystone XL Pipeline mean for oil prices?  Find out by listening to our entire Price at the Pump podcast:

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