| While gasoline prices spiked last week as much as 50 cents a gallon in some regions, a barrel of U.S. crude fell below $40 per barrel for the first time since the end of the global economic crisis.
Still, gasoline has been averaging $2.63 a gallon, down 81 cents from a year ago.
Some analysts say gasoline prices could drop below $2 a gallon in many areas of the country later this year.
Oil prices have been falling solidly for eight consecutive weeks, the longest streak since 1986.
The U.S. is churning out oil at an unprecedented pace, adding to the supply from energy powerhouses like Saudi Arabia and other OPEC nations.
U.S. oil held in storage has reached levels not seen in at least 80 years.
Adding to the downward pressure on oil prices is a steady drumbeat of economic data out of China suggesting that the world's second largest economy is slowing.
A major drop over China's economy caused a big sell-off at the NY Stock Exchange.
Almost all energy companies from Exxon Mobil to BP have cut spending on exploration or they have cut jobs, often both.
Over the past 12 months, Chevron shares have lost nearly 40 percent, while Exxon shares are down 26 percent.
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