Oil Futures Slide while Gas Prices Continue to Climb

January 23 2009

Oil futures fell this morning as demand continues to remain low, stockpiles continue to rise and the severity of the Global economic downturn continues to be realized. Crude oil for March delivery fell to $42.63 a barrel during the electronic trading period.

All of this as gas prices continue to climb. One month ago the average for regular grade gasoline was at $1.66 a gallon. Now as the demand remains low and oil prices continue to trade at prices well below where they were the current average cost of regular grade is at $1.82 a gallon nationwide and $2.06 on average in California. With Hawaii at an average of $2.49 and Alaska at an average of $2.57 per gallon.

*The averages shown are established by GasBuddy.com