Crude oil drop sinks in at pump

From Staff and Wire Dispatches • July 26, 2008 Americans now live in an economy where the prospect of a gallon of gasoline for less than $4 is cause for relief. A two-week nosedive in crude-oil prices is beginning to ripple out to gas stations nationwide, including those in the Louisville area. The national average for a gallon of regular pulled back to just above $4 a gallon, and oil tumbled to its lowest point in weeks yesterday, on the belief that prices have yet to reflect how steeply demand has deteriorated in the United States, the world's thirstiest oil consumer. Prices at the pump are poised to dip even further, and could cost as much as 25 cents less by Labor Day, AAA spokesman Geoff Sundstrom said in Washington. Oil continued on a two-week sell-off at the New York Mercantile Exchange. Light, sweet crude for... [read full story]