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Local

Oil Sell-Off Could Force Prices Down At The Pump

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LOS ANGELES (CBS) — For months, soaring gas prices have made drivers aggravated and angry but prices could drop fifty cents by the end of the month.

Crude oil prices plummeted this week from $114.83 on Monday to $97.18 by Friday, a drop of 15%.  Even though gas prices are still expensive, this could start to trickle down to the gas pump, up to a drop of 20, 30 or 50 cents by Memorial Day Weekend.

Even with the drop, the average price of filling up an average gas tank will still be $60-70 per car.

(©2011 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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