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(Washington Post) There is no reprieve, of late, for the oil market. And U.S. consumers have been reaping the benefits.
Prices for Brent crude , a global benchmark, slid as low as $ 36.04 per barrel Monday, an 11-year low. That means prices dipped lower than they did even during the financial crisis of 2008 – 2009, when demand plunged along with the global economy.
Gasoline has fallen in tandem with oil, with U.S. average prices dropping below $2 a gallon Monday for the first time since 2009, according to AAA. The organization estimated that consumers have saved more than $115 billion on gasoline so far this year.
The steady decline of oil prices, which topped a sky-high $100 a barrel last year, had seemed to pause in May and June at above $60 a barrel. That hiatus is over now — prices for both Brent and West Texas Intermediate crude , a U.S. benchmark, are now in the mid $ 30s.
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