Decline: verb
to fail or dwindle; sink or fade away
Gas prices are falling fast. As of this morning (thursday), prices in some areas of the nation are below two dollars a gallon. Oil has reached around $66 dollars a barrel, the lowest point since June 2007. Economic experts are suggesting the sharp decline is a respone to the world economy downturn; if the global market continues to slip, demands for oil will fall as well.
These low prices (56 percent lower than july 2008) are still falling, despite OPEC's slashing oil production by 1.5 million barrels. They are suggesting cutting production even further if prices continue to plummet. "OPEC has a talent for cutting its nose to spite its face," said Sen. Charles Schumer, D-N.Y. "At a time when oil prices are declining because the world economy has stalled, OPEC's actions will only make things worse."
http://www.msnbc.msn.com/id/12400801/page/2/
http://www.dallasnews.com/sharedcontent/dws/news/localnews/transportation/stories/102408dnmetgasprices.13f804ef8.html
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment