Light, sweet crude was down $4.69 to $63.15 this morning, despite an announcement from OPEC that it will cut production by 1.5 million barrels a day to try to stem crude's recent slide. Three months ago, crude was selling at an all-time high of more than $147 a barrel.
Why??? I Like the way gas prices are going... cheaper... and I love how I still see people taking the bus. (it's always got a crowd at some places and a good 6 months ago all the places were empty.)
I'm doing my part to use less gas... I just hope the price doesn't skyrocket again.
As much as I want to be positive.. gas prices are going to skyrocket again next summer just like they have been doing for the last few years. It hit $4.50 here in the chicago suburbs, I'm sure next year it will surpass the $5 mark... At least its good that it happens in the summer when its not freezing outside and you can walk places.
ReplyDeleteunfortunately, those countries that make up OPEC built their budgets on oil trading at much higher rates (around $90/barrel i believe). they are cutting production in the hopes of creating artificial demand, which will in turn drive prices up and save their budgets. lucky for us, the price of crude dropped after the announcement, so we will still be enjoying these low gas prices. i actually saw gas today for 3.03 in LA! i can't remember the last time i saw it that low!
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