Oil futures drop below $98 a barrel. Gasoline futures decline even more. Oil futures now down 15 percent this month.
Commodities like oil, gold, and copper all fell this week. Silver led the plunge in commodities with a 28 percent decline.
Gas prices have risen above $3.50 a gallon in most of the US. With gas prices rising, Americans are cutting back on trips to the pump.
Oil surges to its highest level since September 2008. Natural gas prices rise, too.
Oil prices drop in Europe and US in wake of concerns Japanese demand will drop. West Texas oil prices hover around $100.
Gas prices could hurt the auto industry. It is banking on hybrids and other 'green' cars to buffer the blow from a further rise in gas prices.
Declines in domestic and foreign production are to blame for higher US gas prices, analysts say. Some in the industry see $5-a-gallon gas in 2012, while others say supplies will increase to halt the rise.
Now at an average price of $3 a gallon, gasoline could cost at least $3.50 a gallon by spring. Rising gas prices go hand in hand with higher oil prices, driven up by outlook for a stronger economy.
Gas prices rose 3.91 cents Thursday, and are expected to continue to rise through the holiday season.
Gas prices were unchanged from Wednesday but fell 2 cents from last week, bringing the national average to $2.81 a gallon.