by Calculated Risk on 1/10/2016 08:02:00 PM

Brent oil prices are now the lowest since June 2004 according to the EIA. WTI prices are the lowest since December 2008 (WTI fell to $30.28 per barrel on December 23, 2008).

From the USA Today: Gas prices could drop toward $1 a gallon

As oil prices fall, and refinery capacity stays strong, the price of gas could reach $1 a gallon in some areas, a level last reached in 1999. As a matter of fact, the entire states of Alabama, Arkansas, Missouri, Oklahoma and South Caroline have gas prices that average at or below $1.75.

Weekend:
• Schedule for Week of January 11, 2016

• Question #3 for 2016: What will the unemployment rate be in December 2016?

Monday:
• At 10:00 AM ET, the Fed will release the monthly Labor Market Conditions Index (LMCI).

From CNBC: Pre-Market Data and Bloomberg futures: currently S&P futures are down 15 and DOW futures are down 125 (fair value).

Oil prices were down sharply over the last week with WTI futures at $32.45 per barrel (lowest since December 2008) and Brent at $32.92 per barrel (lowest since June 2004).  A year ago, WTI was at $48, and Brent was also at $48 - so prices are down over 30% year-over-year.

Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at $1.97 per gallon (down about $0.20 per gallon from a year ago).  Gasoline prices should decline over the next few weeks based on the sharp decline in oil prices.