Today, oil reached its lowest price in a year, trading below $80 a barrel in London for futures delivery, though the current price is still $83. I filled up the tank and payed $3.35 per gallon in Madison. A year ago, the average price for regular was $2.86.
Here are some sample prices by state for a year ago and today.
State 2007 2008
AL 2.66 3.45
CA 3.02 3.51
NJ 2.61 3.09
TX 2.64 3.20
Do not hold your breath waiting for pump prices or home heating costs to drop to 2007 levels unless that becomes the silver lining in a depression, not recession, that rivals 1929.