Oil Price Lowest in 12 Years

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gas stationThe price of oil fell below $30 a barrel on Tuesday for the first time in 12 years.

This is the seventh day in a row of losses for oil and that comes on top of an 18 percent loss since the beginning of the year.

Plummeting prices are blamed on weak economic demand in China and the rising value of the U.S. dollar. Read more.

{CB Frommer-Matzav.com}


  1. What a farce. None of this applies to us. Drive up and down Coney Island Avenue. The cheapest price is $2.29 a gallon if you pay by credit card (who has cash these days)? Why MUST we ALWAYS pay more??? The system is corrupted and should be investigated.

  2. This is a great development for Israel: now Saudis, Persians and Russians have significantly less resources to arm up, to cultivate mayhem, and to purchase political power. Even if Saudis do cut production and raise the prices, the American fracking producers will have incentive to pick up production, keeping the price at no more than 50 or so. Contrary to the best efforts of President Hussein and the rest of the lefty loonies, the fracking technology made America the biggest oil and natural gas producer. Muslims and Russians no longer have the monopoly.

  3. Remember when Obama said “We cant just drill our way to lower oil prices”. Well all the fracking has done just that! OPEC cant raise their prices because they want to undercut the US producer and are losing money. Why is no one “drilling” Obama on this. Probably because he’d try to find some way to take credit for something he worked so hard to oppose.
    BTW #1 the reason that NYS has higher gas prices at the pump is not because of oil prices. It’s because of state taxes.


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