Oil Prices Plummet

Crude oil futures plunged $3.75 per barrel, or 4%, yesterday on the New York Mercantile Exchange to settle at $88.14. Futures hit a five-month high of $99 in mid-September.

Analysts attribute the declines to a combination of economic gloom and oversupply. The U.S. Energy Information Administration reports that U.S. crude inventories remain at a 15-year high. Recent data signal the China's economy is slowing and European markets remain shaky, which could result in weaker energy demand.

U.S. gasoline prices are hovering at an average $3.78 per gallon nationwide, down about eight cents from two weeks ago, according to the AAA Daily Fuel Gauge Report.