Oil Prices Plunge

The price of oil plunged today, down more than $9 to $99.60. But the largest one-day drop in oil prices since the height of the financial crisis is unlikely to stop talk that high gas prices could kill the recovery. Pump prices around the country have been approaching the $4 mark this week, averaging $3.985 nationally today. Gas prices tend to lag oil price swings by a few weeks, but if the oil price drop is temporary (which is likely, given rising demand from emerging markets and steady oil production in non-OPEC countries), high gas prices may stick around. If Americans keep on spending with or without their cars, gas prices may not mean that much to the U.S. recovery after all. Who knows what the future will hold? But hopefully these staggering gas prices will reside in the time coming. For more information and a free insurance quote from your local Pennsylvania, Delaware, and New Jersey agent contact a Kimberley Vassal Insurance agent today at http://www.kimberleyvassal.com

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