Those who drive their own cars surely must have noticed that the price of gas has gone down in the past few weeks. When I put gas in my car last week, the gas boy was happy to inform me that my timing was perfect because they had just rolled back prices that morning.
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http://www.bbc.com/news/business-30571382 |
I am sure many consumers are happy with the reduced prices, but the question is why are prices falling and how long will this last?
Many people are quick to blame OPEC for the decline in prices. OPEC though is quick to deny that they are the direct reason. Although their refusal to cut their output in the face of excess supply is sure to have, at the very least, been the indirect reason.
Speculators point to political reasons why OPEC has refused to prop up the price of oil by limiting their output, and thus lowering supply.