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Today oil settled under $70 a barrel for the first time in 14 months. Even as the Dow rose 400 points, oil still dropped. The sharp drop in oil from its record high can be seen at gas stations now.

Tuesday I paid $3.16 a gallon for regular unleaded, Wednesday it was down to $3.03 and today $2.78. I feel kind of scammed by the gas station, but I needed gas and couldn’t wait…my fault.

Even with the news that OPEC may cut oil production, oil is still way down. People still have to get from place to place, and most of the time they do so in their car. I believe that in the last year consumers have cut back from their huge gas guzzlers to trade down to "sippers" or just more fuel efficient SUVs and trucks. Whatever the reason for the decrease in oil prices, my wallet is grateful.

Jeremy

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