There has been a drop of 53% in gas prices in the past two weeks. It is predicted that the gas prices will fall even more in coming days.The main reason for this big drop in gas prices is falling crude oil prices and decrease in demand in the country. Crude oil prices had touched record high nearly six month ago and had reached $147 a barrel. The crude oil prices have now fallen below $62 a barrel because of the low demand and fear of economic recession.
OPEC has decided to reduce oil output in order to give some stability to crude oil prices. Oil prices affect almost every one in the world. It should be the responsibility of world leaders to insure that oil prices do not increase due to pure speculation.
There has been a drop of 53% in gas prices in the past two weeks. It is predicted that the gas prices will fall even more in coming days.The main reason for this big drop in gas prices is falling crude oil prices and decrease in demand in the country. Crude oil prices had touched record high nearly six month ago and had reached $147 a barrel. The crude oil prices have now fallen below $62 a barrel because of the low demand and fear of economic recession.
OPEC has decided to reduce oil output in order to give some stability to crude oil prices. Oil prices affect almost every one in the world. It should be the responsibility of world leaders to insure that oil prices do not increase due to pure speculation.
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