Oil prices dripped to their lowest point in more than a year on Friday, closing at $77.61 a barrel.
Compare that to the all time high price of $145.29 set back in July. That price drop translates to $2.79 in Austin for the cheapest gallon of gas according to Austingasprices.com.
Why you ask? Well according to the New York Times, the International Energy Agency decided that demand for oil wouldn't go up as much as first thought. According to NYT, demand would only go up by 0.05%, the smallest increase in 15 years.
Is this good news as our economy swirls down the crapper? I think so. Hopefully the economic crises will make us realize it's cheaper to use our own feet or public transportation to get around.