March 19, 2015
...AND CHEAPER...:
Oil Prices Have Yet to Hit the Floor : Surging crude inventories in the United States send prices lower, threatening more pain for shale producers but a boost for the global economy. (KEITH JOHNSON, MARCH 18, 2015, Foreign Policy)
"U.S. crude oil inventories are at the highest level for this time of year in at least the last 80 years," the Energy Information Administration said in its weekly note.With nearly overflowing inventories, it looks as if oil will stay relatively cheap for a while, after an ephemeral rebound earlier this year. While that's awful for folks in Midland, Texas, it's a plus for the world as a whole. Gasoline prices everywhere are lower than they were last year, pumping extra cash into consumers' pockets.
Posted by Orrin Judd at March 19, 2015 5:11 PM
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