View Poll Results: Do you think there will be serious problems with lower oil prices ?
Yes, I believe that we are going to pay more in our future & it will cause problems
0
0%
No, the cheaper the better for North America
0
0%
I just don't know, it gives me a headache
1
100.00%
Voters: 1. You may not vote on this poll
>? Why Falling Oil Prices Could Spell Serious Trouble?<
#1
12-20-2014, 08:48 AM
>? Why Falling Oil Prices Could Spell Serious Trouble?<
The holiday season is upon us, and for many Americans that means … road trip!
But if you’re bracing for the pain at the pump you’ve gotten used to over the past few years, think again. Oil prices are the lowest they’ve been in years, and gas prices have plummeted along with them, hovering at about $2.54 a gallon across the United States. That means this year, it’s about 21 percent cheaper to drive to Grandma’s house.
No complaints here! But countries like Iran, Iraq, Saudi Arabia and Venezuela, some of the biggest oil exporters in the world, have begun to worry. Lower oil prices means less revenue for them, and that could mean a major hit to those countries’ economies.
The Organization of the Petroleum Exporting Countries (OPEC), the biggest cartel of oil producers in the world, has been meeting to try to reverse this sudden slump in cash flow.
The group had two major options: Slow down production to drive prices back up, or commit to a price war with one of the world’s newest leaders in oil and natural gas production — the United States.
To find out what could happen next — and to learn how prices fell so far in the first place —
Last edited by Space; 12-20-2014 at 10:36 AM.
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