Filling gasoline at a gas station|Marco Verch Professional Photographer|CC BY 2.0
The price of US oil decreased on Monday, reaching below $100 per barrel for the first time since March 1.
Oil plunged more than 8%, to $99.76 a barrel on Monday.
The correction in oil price amid Russia’s invasion of Ukraine and the recent COVID-19 lockdown in China sent a wave of relief among the US drivers.
Brent crude, the international benchmark, dropped close to 7%, with $104.35 per barrel, a significant decline from the peak rate of nearly $140 per barrel. According to experts, the prices are going to drop further.
If the oil price stays constant at this level, the gas price would likely reduce up to 20 cents per gallon. The gas prices would still be high, but not at a drastic level.
