| Why are so many so glum about cheap oil? For years, the complaint has been that the high price of oil makes life difficult for people. These include ordinary American families for whom a $65 fill-up at the local Exxon became routine, as well as the many industries that rely on petroleum for their products.
Well, prices are now coming down (in real terms) to levels we haven’t seen in some time, and some people fret that this will be a bad thing. The most recent price drops were precipitated by a decision by the Organization of Petroleum Exporting Countries, or OPEC, not to cut its oil production...............................................Full Article: Source
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