Price of Oil Reaches Seven Month Low, US Supply on the Rise The price of oil fell below $90 in US trading on Wednesday for the first time in nearly seven months as US supplies continue to grow, USA Today reports. Gas prices at the pump were flat at $3.678 per gallon on Wednesday, according AAA. The nationwide average for a gallon of regular unleaded has dropped by 26 cents since peaking in the first week of April. Gasoline is 16.5 cents per gallon cheaper than it was the same time last year. Commodity prices, including oil, are falling across the board on fears that Europe’s debt crisis may deepen at the same time that supplies of many of those commodities are on the rise.
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