We welcome you to JobBank USA and hope your job hunting experience
is a pleasant one. We hope you find our resources useful.
December 8, 2008
The highest unemployment rate in 15 years is getting some of the credit for the lowest gas prices in more than a year.
On Friday crude oil prices fell to their lowest level since December 2004. The $40.81 a barrel price was significantly lower than the $54.43 that crude oil was selling for a week earlier. Some analysts predict the price per barrel could slide into the $30 range before the end of the year, with retail gas prices recording a parallel decline.
In his weekly news release about gas prices, Gregg Laskoski, Managing Director of Public Relations for AAA Auto Club South said that, "Generally speaking, for every $10 drop in crude oil's price per barrel, retail gasoline prices would be expected to fall by 25 cents per gallon. However, many oil industry experts now speculate that retail gasoline could go as low as $1 per gallon in many markets perhaps within a few months."
Laskoski also said that "Not surprisingly, the oil industry analysts who last week said crude oil 'may test the $40 level before the end of the year' have revised that '40' to a '30' believing that the recession may push crude prices considerably lower."
OIl industry analysts and analysts from other markets noted that the decline in the price of crude oil was probably at least partially the result of a report by the U.S. Department of Labor's on the 533,000 jobs lost during November, which contributed to a national unemployment rate of 6.7 percent, the highest unemployment had been since 1993.
Email This Page!