Small Town News

Economy

Briefly

The Northern Star of Clinton, Minnesota

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Oil prices hit a four-year low last Friday, settling at $40.81 a barrel on the New York Mercantile Exchange. Employers have cut the highest number of jobs in 34 years. The continuing decline in oil prices is so dramatic and sudden that it is raising the prospect that gasoline prices could soon fall below $1 a gallon, one forecaster stated. A gallon of gasoline can be had for 50 cents less than it cost just last month. The price of gasoline peaked at $4.11 per gallon in July.

Gas prices are still a long way off that magic number last seen in March 1999 - when prices were 97 cents a gallon, according to AAA.

2008

Original Publication Date: December 11, 2008



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