Radio Buzz: Oil Prices Plunge in the Wake of Credit Rating Downgrade

The Radio Buzz.... the top talk radio stories of the day.

Audio clip:

The economy is shaky and as a result, oil prices keep on dropping.

Is that the one good thing coming out of this credit rating downgrade?

"Well - the average gas price nation wide has been under $3.50 since March - and I think you could see it go under there. Now - the oil futures were down around $77 earlier this morning - now they're back up to $81 so possibly you could see some sort of a rally in oil prices - short term."

That was Mike Breard -- an Oil and Gas Analyst with Hodges Capital -- speaking with Forrest at WREC in Memphis.

What causes a drop like this in oil prices?

Is it because of the turbulent economy?

"Well - there are two things that caused the drop yesterday... one - people are selling everything - going to cash - so the oil traders sold -and then two - there are fears of a double dip recession - which would mean a decline in oil demand in the US - so that spooked some people."

Everybody puts gas in their cars, this effects EVERYONE.

Where are we going here?

According to Breard, we'll see gas prices drop another .10 - .15 cents if oil stays around 80 dollars.

His suggestion?

Put $40 in your tank instead of $60, and you'll have some extra money to save!

I'm Jessica Curtis - and that's your Talk Radio Buzz, from Fox News Radio.