Oil prices fall to lowest level

Good news for anyone driving this holiday season.

COLUMBIA, S.C. (WOLO)— Good news for anyone driving this holiday season. Gas prices should continue to come down.

Oil prices hit their lowest level of the year Tuesday, falling to just over $74 a barrel.

That’s 43% down from their peak of more than $130 a barrel in March.

The drop comes even as the European Union and the West implemented new restrictions on oil from Russia.

But anxiety about the surprisingly good health of the economy overshadowed concerns about a possible supply crunch.