After All-Time Highs, Fuel Prices Are Falling.<br />NBC News reports oil prices have <br />started to tumble as a result of fears <br />of a global economic slowdown.<br />Per data from AAA, after fuel prices hit all-time highs the week of June 13, they have now <br />fallen to around $4.75 per gallon.<br />On July 8, Brent crude oil prices had <br />fallen to around $104 a barrel.<br />down from $115 per barrel <br />recorded the week before, short of a <br />high of $140 a barrel reached in March.<br />Hoping to curb inflation, the world's central banks and the U.S. Federal Reserve have started raising interest rates.<br />Officials reportedly believe increased rates will help soften demand, though experts say avoiding recession could be tricky.<br />All this talk of [higher] interest rates and recession — that's fear, the oil market is reacting on fear. , Andrew Gross, AAA.com spokesperson, via NPR.<br />It's kind of like the stock market: You have these incredible swings, when it sees rising rates or <br />talk of recession... , Andrew Gross, AAA.com spokesperson, via NPR.<br />... a global recession, that means an economic slowdown, which means less oil is being consumed. , Andrew Gross, AAA.com spokesperson, via NPR.<br />That's bad news for the oil industry. And that’s why <br />prices have been dropping. , Andrew Gross, AAA.com spokesperson, via NPR
