News: Oil Prices to drop to record low since 2010

The final quarter has started with oil lagging far behind and struggling to keep up. The benchmark dropped well below $78 per barrel as more recession fears have stirred the pot. Oil fell along with many others on Wall Street including The Dow Jones industrial average , the Nasdeq composite and the S&P 500 all dropping up to 2%.

This meansinvestors are very nervoud about weaker demand coupled with lower energy prices but will the consumer notice this?

"We're also at a lull in the market" after the summer driving season, independent analyst Stephen Schork said. "This is when you tend to see weakness" in oil prices.

Crude Oil fell by $1.59 (roughly 2%) and finished the day at a rate of $77.61 per Barrel. Prices got as low as $76.85 earlier on but the prices stabalised somewhat. Reports suggest this is the lowest barrels of oil have been since September 2010.In london however, Brent Crude dropped by only $1.05 coming out at $101.71 per barrel.