Oil prices fell Monday to their lowest level in 11 months as further uncertainty in China roiled global markets, giving way to a silver lining for Americans' pocketbooks.
There are oil wells located in California.
The international benchmark for oil fell to its lowest level in over a month.
The price of oil has fallen from its March peak of $139 per barrel.
The latest dip follows renewed concerns about demand for oil from the world's largest oil importer China as the country continues to pursue a strict zero- Covid policy and as the Chinese government largely stands firm on its stringent pandemic policies.
The U.S. benchmark West Texas Intermediate was down 1.6% to $75 on Monday, with stock futures also falling.
OANDA analyst Craig Erlam wrote Monday that oil prices are collapsing under the pressure of record Covid cases. The world's second- largest economy and crude demand have been damaged by China's commitment to zero- Covid.
The latest plunge affects the price at the pump. The average price for a gallon of gas was $3.55 Monday, down from a month ago and from June's all time high of $5.02 per gallon. Patrick De Haan of GasBuddy thinks the national average could fall below $3 by Christmas. The worst inflation in the US since the 1980s was caused by soaring gas prices.
Concerns about the impact of protests at its largest Chinese manufacturing partner caused Apple shares to fall. The political unrest in China will cause a reduction in Apple's sales of the device.
Gas prices could fall below $3 per gallon in the near future due to oil prices falling.
Protests broke out in Beijing and other cities.
According toForbes, Apple faces a shortage of 6 million phones.
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