Oil and gas prices slip to new 3-year lows

Retail gasoline fell to a new three-year low Tuesday and in an unprecedented decline, crude oil costs $100 less per barrel than it did four months ago with a U.S. recession eating away at energy demand.

Analysts believe prices at the pump might finally be bottoming out after a precipitous decline from record highs this summer. Yet demand could fall even further in January with job losses reducing the number of people who drive to work.

Crude has fallen nearly 70 percent since July 11, when it hit $147.27.

Gas prices fell for the 20th week since the July 4 holiday and hit $1.811 per gallon, according to the government’s Energy Information Agency.