Oil, Gasoline Prices Dip On Lower Demand The price of oil is down more than 20 percent from record highs in July, when investors were worried about a shortage of oil, due of rising demand. Now the focus is on falling demand, because of high energy costs. Still, gas prices are slowly coming down, with the average at $3.70, according to the latest national survey.

Oil, Gasoline Prices Dip On Lower Demand

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RENEE MONTAGNE, host:

NPR's business news starts this Monday morning with oil and gas prices.

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MONTAGNE: As of this morning, oil is trading at about $115 a barrel. It's still down more than 20 percent from its record highs in July. That's when investors were worried about a shortage of oil due to rising demand. Now the focus is on falling demand, because of high energy costs. As oil prices fall, gas prices are slowly coming down as well. According to the latest national survey, the average price of a gallon of regular gas has fallen to $3.70. The cheapest gas can be found in St. Louis, Missouri, where it's $3.37 a gallon.

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