Oil at 3-year lows; gas below $2 in 23 states

COLUMBUS, Ohio


Meanwhile, prices at the pump fell again overnight nationally close to $2 a gallon, with the average price in 23 states even less than that.

“After this summer, this is wonderful … wonderful,” said Anuj Dayal, a cab driver in New York’s Hell’s Kitchen neighborhood. “I hope gas is $1 soon. I hope it’s free.”

Gasoline prices have been halved since reaching a record above $4 in July, but relief from record crude prices have come amid a global economic meltdown.

New claims for unemployment benefits jumped last week to a 16-year high and U.S. stock markets hit multiyear lows.

“Until we get past this malaise and gloom and doom, no one wants to step up and buy this market,” said Mike Zarembski, senior commodity analyst at OptionsXpress.

AP