(AURN News) — Oil prices are down yet again to start the week.
On Monday, crude oil prices fell to their lowest level since February at $68.31 a barrel. There has been a steady drop since the start of June, when prices were at $96.02 on June 2.
Continued talks between the United States and Iran, along with the reopening of shipping through the Strait of Hormuz as a result of those talks, are a major reason why. Another reason is that on Sunday, OPEC+ announced plans to increase production by 188,000 barrels a day starting next month.
Drivers may begin seeing the changes at the pump as soon as today. According to AAA, the national average for a gallon of regular gasoline has now dropped to $3.79. That’s down more than 50 cents compared with the Fourth of July weekend last year.
Click play to listen to the AURN News report from Jamie Jackson:
