Oil drops to below $100 a barrel

Oil drops to below $100 a barrelConsumers are being hit hard with the expensive gas prices these days, but a recent drop in the cost of oil may provide some solace. According to USA Today, the New York Mercantile Exchange showed oil prices dropping by 15 percent this week to under $100 per barrel.

The news source reports that this is the "steepest decline" in more than two and a half years.

Nigel Gault, chief economist at IHS Global Insight, weighed in on the recent price drop, saying that if the cost of crude oil remains around the current $99.80 per barrel, it could shave off about 20 cents per gallon, according to the news outlet. However, prices would have to remain stagnant for several days for any changes to manifest.

"Crude would have to stay around $100 for five to 10 days before we see gas prices come down," Darin Newsom, senior analyst at energy trader DTN, told USA Today.

Those who are still trying to make ends meet with the rising cost of gas may want to consider purchasing a more fuel-efficient car by applying for a bad credit auto loan.