Oil Prices Hit Six-Year Low as Wall Street Tumbles Again
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tarabird/iStock/Thinkstock(NEW YORK) — Wall Street dipped again on Tuesday as oil prices fell to a six-year low.
The Dow Jones Industrial Average fell 27.16 to close at 17,613.68.
The Nasdaq slipped 3.21 to end the session at 4,661.50, and the S&P 500 tumbled 5.23 to a close of 2,023.03.
The national average for a gallon of gas has fallen to just $2.14, according to the U.S. Department of Energy. According to GasBuddy, 45 of the 50 states have at least one gas station selling gas at under $2 per gallon.
Among the causes of the decreasing price of oil are increased U.S. production, continued flow from nations under the Organization for Petroleum Exporting Countries banner, and an economic slowdown in Europe.
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