World Oil Price Drop Hitting Oil Producers

Oil Prices Slumped Overnight on Asian Markets
Oil Prices are at a two year high

CALGARY – ENERGY – Back in June the price of a barrel of crude oil was running as high as $115.00. Prices have fallen drastically since then.

Today the price of a barrel of oil prices is at $72.15. The lower prices should be reflected at the gas pumps.

The lower prices are helping some industries, as DW (English) explain airlines are saving money.

Since energy prices are tied into almost all aspects of our lives, from heating our homes with oil, or natural gas, driving vehicles, the transport trucks and diesel locomotives that bring food and other consumer goods to us, and ship grain and other commodities, those lower prices should impact many businesses in a positive manner.

Gasoline and diesel fuel prices in many parts of Canada however have not fallen by a great deal despite the drop in the price of a barrel of oil. Many consumers are wondering why.

This week, OPEC is meeting. The price of a barrel of oil fell by two per cent before those meetings got started. There are many who are speculating that some of the OPEC producer countries will boost production and cause the price of a barrel of oil to fall.

Video by DW_English

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