Oil prices are down over last 6 months: what does it mean for gas prices?

Oil prices are down over last 6 months: what does it mean for gas prices?

Oil prices are at their lowest levels since the spring of 2021. At Thursday's close, a barrel of West Texas Intermediate crude was $59 a barrel, down from $74 at the start of January. The last time oil dropped below $60 a barrel was in early April 2021. Gas prices, however, have risen slightly since January, up approximately ten cents per gallon, according to the U.S. Energy Information Administration. Still, they are 50 cents lower than they we…