Will OPEC Cut Down On Oil Production?
While it’s normal for pump prices of gasoline to be low during the autumn season because of the decrease in demand, there are speculations that fuel prices will continue to drop in the coming months due to the abundant global production of crude oil.
OPEC has reportedly admitted that the demand for their crude oil has fallen but that did not stop them from continuing with their sustained level of production. There is still no clear indication whether OPEC will eventually cut down their oil production amidst the falling oil prices.
According to a report on the August Free Press, the gasoline prices dropped to an average of $3.00 per gallon on November 1, the lowest price in the market since December 2010. According to forecasts, the pump prices could fall to $2.90 per gallon in the near term as a result of the declines in the price of oil in the wholesale market.
Read More Here: http://augustafreepress.com/good-news-gas-prices-may-remain-low-winter/
Terry Smeader
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Tags: Gas, Oil. Price, OPEC
