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Oil Prices Tumble Below $100 a Barrel As Gas Prices Rise
Good luck my fellow citizens.
The price of crude oil dropped below $100 a barrel today, settling at $95.71. While the price of crude is falling back to Earth from record heights of more than $147 in July, the cost of gasoline, after falling slightly, spiked over the weekend due to Hurricane Ike.
In Chicago today, gas prices reached $4.45 a gallon, while prices in Charleston, S.C., climbed up to $4.59. According to the American Automobile Association, the national average price of regular gas came to $3.84 per gallon.
"We've seen the price of gasoline jump 17 cents over the last three days," said Troy Green, manager at AAA. "This is the most gasoline has skyrocketed at one time since 2005, after Hurricane Katrina."
At one gas station in Houston today, the line of cars stretched almost a mile down the service road of I-45; people waited for more than four hours to fill up their tanks.
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