Oil Plunges to 5-Year Low, Gas Prices Near $3 – Are More Drops Ahead?
U.S. oil prices fell to $56.99 per barrel Thursday, the lowest since February 2021 and down 19% from a year ago. Gasoline averages near $3.06–$3.07 per gallon, the cheapest in 2025. Rising oil output and sluggish demand have triggered a supply glut. The EIA now forecasts Brent crude to average $62 in Q4 2025 and $52 in 2026.