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Oil prices hit lowest level in over a year

Oil
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Oil prices fell below $70 a barrel in Wednesday's trading, the first time the price has been that low in more than a year. What does this mean for drivers?

"We can expect a price break," said AAA analyst Don Redman.


Redman says that is not what drivers usually get in the spring.

"We were anticipating prices to continue to climb as we go through that transition to a summer-grade gasoline," he said. "With this fall in the price of crude oil I think it kind of changes the scenario for the consumer."

Redman says investors' worries after two bank failures has thrown the oil market off.

"Crude oil accounts for 50 to 60 percent of the price of gasoline," said Redman. "We could see prices continue to hang around the three dollar a gallon mark, and that may be the case through May."