Toby Talbot, File, Associated Press
This April 20, 2012, file photo, shows a gas pump displaying a $100 sale in Barre Vt.

The price of oil went south of $88 a barrel Wednesday, reaching its lowest level in seven months, according to CNNMoney.

Oil prices dropped to $87.49 a barrel before hovering around $88, which is still down $3 from Tuesday. The cause for the drop in oil prices comes from fears that economic woes in Spain, Greece, Portugal and Italy will result in a global recession, according to the article.

Gas prices peaked in the U.S. in April when they hit $3.94 a gallon. Then gas prices dropped to a current price of $3.63 a gallon, according to AAA. Oil prices reached $110 a barrel in March but have since fallen to their present levels due to increased relations with Iran and a faltering economy in Europe, according to CNNMoney.

Falling gas prices may be giving Americans some extra cash, but that might not be welcome if the situation ends in another recession in the U.S., according to the article.