Oil prices dip below $50

Oil prices continue to decline, dipping below $50 a barrel at one point today.

Analysts say traders fear the world’s economic slowdown could be “pretty severe” and that would cut demand for oil.

Gas prices also continue to drop. According to AAA, the national average for a gallon of regular unleaded stands at $2.02. That’s nearly 3 cents cheaper than Wednesday, and more than a $1 less than a year ago.

Wednesday, the Department of Transportation said even with gas prices falling, Americans are cutting back on driving, logging almost 11 billion fewer miles in September.