Oil prices continued a three-day decline Tuesday, falling 2.5% to $82.40 a barrel on the New York Mercantile Exchange by 7 p.m. Eastern time. Overall, crude prices for December delivery have slid about 6% since Thursday, when South Korea raised interest rates to reduce inflation and reports surfaced that China may take steps to boost its economic growth, the Associated Press reported.

Concerns of lower demand from the global economy have caused the drop, which has wiped out most of the gains oil prices saw in November. Prices had grown 7% between Nov. 1 and Nov. 11, hitting a two-year high, according to the AP.

Meanwhile, U.S. gas prices rose 9.8% in October, the U.S. Labor Department said in a separate statement Tuesday.


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kitmanlb

As to the price of gas, How much tax do you think we pay to the states and feds on each gallon??? We pay per gallon at the pump but what about all the other taxes passed on to us because the oil companies pay an import tax, then a production tax, then a diatribution tax, then probably a tax paid by the dealers. Im told gasoline is actually a byproduct of deisel and fuel oil production, and yet both of those cost a fortune too.

November 17 2010 at 11:15 AM Report abuse rate up rate down Reply
kitmanlb

Amazing the price of oil went up 7% and the price of gas basically 10%. And the gas prices went up almost imeadiately after the price of oil rose each day. Bet they dont come down anywhere near that fast if the price of oil continues to drop. The whole world seems to be in an economic crisis. Well all but the oil cartels. So if everyone is hurting but them, why does the price of oil just keep going up and up. It seems everyone would be buying less and less, yet paying more. Why. When i have less money i cant buy more. Dont have a credit card to blow up my bills either.

November 17 2010 at 11:08 AM Report abuse rate up rate down Reply
anitaomni

Why is diesel more than gas??

November 17 2010 at 11:04 AM Report abuse rate up rate down Reply
johnskii

Then why are gas prices going up and up??? Gas rose $0.10/gallon here over night. I do not understand. Why isn't the oBAMA "change" administration investigating that???

November 16 2010 at 8:10 PM Report abuse +4 rate up rate down Reply