Fort Worth Star-Telegram: After OPEC sends oil prices plunging, what’s ahead?
A note from Christi:
Informative read on why the U.S. MUST allow for crude oil exports:
WASHINGTON — Global and U.S. oil prices tumbled sharply to four-year lows on news that the oil-producing cartel OPEC opted not to cut production, raising the prospects of a world oversupplied with crude for the foreseeable future.
The price for a barrel of West Texas Intermediate crude, the U.S. oil reference price, fell $7.70 to $65.99 in post-Thanksgiving trading Friday on the New York Mercantile Exchange, a dizzying drop considering it was above $100 a barrel over the summer.
The oil cartel decided Thursday to leave its production target of 30 million barrels per day in place.
The price plunge signals even lower gasoline prices for U.S. consumers, who enjoyed the cheapest Thanksgiving travel period in five years. A gallon of regular unleaded gasoline averaged $2.792, the AAA motor club said Friday, compared with $3.034 a month earlier and $3.283 a year ago.
You can read the full article here.