Oil prices drop to lowest in nearly three years just weeks before election
By
Callie Patteson
September 6, 2024 4:16 pm
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Oil fell to the lowest price in nearly three years on Friday.
Brent Crude, the international benchmark oil price, fell 2.2% to $71.07 a barrel as of Friday afternoon, according to Agence France-Presse.
The cost of oil has fluctuated in recent years, even hitting $71.84 in mid-June of 2023. But prices have not been this low since oil was $69.88 in early December of 2021.
One factor pulling down prices was a government report Friday that showed employment growth continuing to slow in August, raising doubts about the macroeconomy.
While the low prices have caused concern among producers, they have also alleviated pressure on consumers, who have faced high costs at pumps in recent years. As of Friday, AAA’s national average price for gas in the United States was $3.296, down from $3.803 one year ago.
more
https://www.washingtonexaminer.com/policy/energy-and-environment/3146301/oil-prices-drop-lowest-nearly-three-years-weeks-before-election/
