Oil Prices Continue to Fall

Staff Report
NewsWest 9

The price of oil took another nosedive on Wednesday; the price per gallon dropped to a little more than 56 dollars a barrel.

For the last couple of months, the price of crude oil has been dropping considerably.

You can see the effect, just by the falling prices at the pumps.

Experts say there are 2 main reasons why.

One has to do with the weather.

Most people don't drive as much or heat their homes in the fall

The other has to do with the global economy.

"The Chinese markets the South Korean markets, the Australian, all the stock markets Worldwide are down," Consultant Morris Burns, said.

Supply and demand also plays a key part in the price of crude oil.