Oil prices drop, drivers paying less at the pump - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Oil prices drop, drivers paying less at the pump

CAPE GIRARDEAU, MO (KFVS) - A falling price for crude oil means drivers around the country are paying less at the pump.

The price of crude oil has dropped 38 percent in 2014 and is selling below $40 per barrel.

Data shows oil production is up around the world, including in the U.S.

U.S. production has nearly doubled in the last five years.

Higher production is coupled with lessening world demand, especially in larger markets like Europe and Japan.

The car you're driving may have something to do with it.

Some credit better fuel economic in vehicles for adding to the drop.

Economists predict worldwide demand will rise over the next few decades meaning prices will stabilize.

Find the cheapest gas near you, here.

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