The price of a barrel of oil dropped 20% Monday to below $100 a barrel, and experts say gas prices will follow.
The price of a barrel of oil dropped 20% Monday to below $100 a barrel and experts said gas prices will follow but warn to not hold your breath.“I think it’s on our minds a lot more and we drive a lot less and thank God it’s coming down if it does,” said Jordan Levsock of Mill Valley.
And that is one big “if”. Experts say cheaper oil will result in cheaper gas, but it’s hard to say when. “Prices at the pump tend to follow oil prices up very quickly but they do not tend to follow oil prices down quite as quickly,” said Andrew Campbell of the Energy Institute in UC Berkeley. When will gas prices start to come down? A notable proposal at the state capitol suspended our gas tax and prices have started to level off over the past few days. But we’re also paying more than $1 per gallon more than what we paid one month ago. NBC Bay Area’s Raj Mathai spoke to Andy Campbell of the UC Berkeley Energy Institute for some insight.
Campbell said two events lead to Monday’s big drop in the price of oil. One, Some optimism over potential peace in Ukraine. And a surge in COVID-19.
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