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US oil prices fall below $3 for the first time in four years

27 Nov 2014
US gas prices have fallen below the $3 mark for the first time in four years, according to AAA.

The national average price of gasoline fell 33 cents at the end of October, meaning that gas is now cheaper than $3 per gallon.

This can be attributed to the slowdown in global oil demand, as drillers increase efficiency and tap into vast new sources of oil, particularly in the US with the shale boom.

Oil fell from $107 per barrel to $81 in June, due to the US’ increased output (this has increased by 70% since 2008) and the impact that the global economy has had following picking up speed.