After Federal Reserve Chairman Ben Bernanke’s comments this morning, oil prices retreated along with their related exchange traded funds (ETFs).
The price for a barrel fell to $125.76. The record price now stands at $135.09, reached on May 22, reports John Wilen for the Associated Press. Concerns about declining demand for oil and gas are weighing on prices, analysts say. A survey recently found that 90% of Americans have made changes in their daily lives to offset high energy prices.
Gas prices seem to have stalled out somewhat, as well. But don’t get too excited just yet: regular gas still rose and hit a new record of $3.978 today.
The question we’re all asking, though, is "Will gas hit $5?"
Yes, it will.