March 13, 2015
...AND CHEAPER...:
Recent oil price stability is 'precarious,' IEA says (The Associated Press, March 13, 2015)
Oil prices have further to drop with no signs of slowing production in the U.S., according to a global energy agency. [...]U.S. oil production and stockpiles of oil are at a record high, the agency said. The growth in stored oil might be slowed this spring as refineries idled for maintenance start production again, but it won't stop the growth, the report said.The stockpiles of oil have gotten so high that the U.S. is running out of places to put it. That could be setting oil and gasoline prices up for another steep fall.The price of oil fell another 3 per cent Friday with a barrel of U.S. crude going for $45.48. Prices were more than double that at this time last year.
Posted by Orrin Judd at March 13, 2015 3:49 PM
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