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Friday, May 17, 2024 |
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Oil price slumps below $34 barrel |
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Middletown News
Prominent MUSA Citizen Joined: Apr 29 2008 Location: United States Status: Offline Points: 1100 |
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Posted: Dec 22 2008 at 3:18pm |
Crude Oil can not keep above $40 |
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Bwood
MUSA Resident Joined: Oct 29 2007 Status: Offline Points: 122 |
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It's actually bad news because it is caused by the weak global economy. When things pick back up, oil demand will increase and you will pay more. OPEC already has plans to start stockpiling and cut production to create a shortage. Don't go buying SUVs just yet.
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Middletown News
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The price of New York oil sank under 34 dollars per barrel on Friday for the first time for more than four and a half years, as weak global demand overshadowed a record OPEC output cut, traders said.
This is really good news in my book. I'm saving $200 month on gas, and now with a new refinance of my home, I'm saving another $200 month.
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