Oil prices declined below $79 per barrel this past Friday, explaining why consumers were able to enjoy relief at the pump over the weekend. The recent plunge is the lowest it has dropped in almost 13 months. Crude oil has declined by nearly 45% since exploding with a record high of $147.27 on July 11, continuing to plummet as the unsettling credit crisis reduces the energy demand and places its stamp around the world.

According to the Oil Price Information Service, Wright Express and AAA, a gallon of regular unleaded gasoline lowered overnight by 5.4 cents, bringing the national average to $3.35 per gallon. In states such as Kansas, Missouri and Oklahoma, a gallon of gas is below $3 on average. Experts predict that the rest of nation should see similar prices in the next couple of weeks if not before then.

In the UK, November Brent crude oil dropped to $76.65 per barrel.