Crude oil prices decreased more than $10 to $68 a barrel on Friday after reports of the omicron COVID-19 variant, according to AAA.
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“It’s too soon to tell if fears of a global economic slowdown caused by the Omicron variant will push oil prices lower for the long term,” says Kara Hitchens, AAA spokesperson. “But for now, the upward pricing pressure due to tightened supply and high demand seems to have abated, and that will likely result in pump prices stabilizing.”
AAA reported the national average price for a gallon of gas also dropped about a penny in the last week to $3.39.
This is a penny less than a month ago and $1.27 more than a year ago.