Though food and energy prices continue to rise, a decrease in petro demand and dismal unemployment figures sent oil prices tumbling to a four-year low of $40.81 on the New York Mercantile Exchange Friday mid-day.
Crude oil prices have dropped 72 percent from July’s record highs, and Friday’s nosedive marks the sixth consecutive day of declines for crude prices. With unemployment numbers hitting a 34-year low, the demand for gasoline lessens.
According to AAA, the Oil Price Information Service and Wright Express, gas prices have fallen 63.2 cents from November, and $1.26 from this time last year. Economists estimate that a gallon of gas could soon drop between $1 and $1.25 as the price of oil inches toward $40 a barrel.
The money saved at the pump is good news for consumers already bogged down by the negative economic environment and thinning wallets, but it also signifies the depth of the global economic crisis. The International Energy Agency today lowered its forecast for global oil demand in 2008-2013, projecting annual growth of 1.2 percent, down from the 1.6 percent previously forecast.
About QualityStocks:
QualityStocks’ Small Cap Stock Newsletter is a free service that collects data from hundreds of Small-Cap online Investment Newsletters into one free Daily Newsletter Report.
Sign up for “The QualityStocks Daily Newsletter” please visit www.QualityStocks.net
The Quality Stocks Daily Stock Report http://video.qualitystocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks “Ones to Watch” http://Gotstocks.QualityStocks.net
Please see disclaimer on QualityStocks website: http://disclaimer.qualitystocks.net
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment