Gas Prices Continue to Fall
Pump prices continued their slow decent in California and much of the nation (all the but the midwest) over the last week, reaching levels not seen since the early weeks of 2004. In the Midwest, prices rose for the first time since Hurricane Ike caused spot shortages there in September.
The newest lows came on an abnormal day in the commodities markets in which the same warning of further production cuts this week by OPEC was seen first as bullish and then later on as bearish for oil.
OPEC powerhouse Saudi Arabia said oil production would be cut by 2 million barrels a per day to stem declining crude prices. They have also hinted that they may have to “shock” markets with a production cut and industry experts have predicted a reduction of between 1 million and 2 million barrels a day.
Crude oil futures for January delivery fell $1.77 to close at $44.51 a barrel on the New York Mercantile Exchange after trading as high as $50.05 during the day.
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