Oil prices fall below $100 a barrel for first time since May

Is relief coming soon to a pump near you?

The price for a barrel of crude oil dipped below $100 for the first time on May.

oil prices fall below $100 a barrel for first time since may

A pumpjack extracts crude oil (Martin Meissner/AP)

West Texas Intermediate crude ended Tuesday at $99.50, dropping under the century mark for the first time since May 11.

The price of gas is also down, with the latest national average being $4.80 after peaking at $5.02 in mid-June, according to AAA.

The previous time gas prices were so high were before the 2008 recession when prices went up to $4.32 a gallon and sank to $1.62 at the end of the year.

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