The price of a barrel of oil has declined below $130 for the first time in more than a month according to an article written by Adam Schreck for the Associated Press. According to Mr. Schreck, the “oil price declines accelerated amid growing concerns about the weakening U.S. economy.”
Did the price of oil fall because China and India decreased their usage? That was one of the reasons given for the price of oil going up.
Did the price of oil fall because the OPEC nations are producing more? NO!
The price of oil fell because people are using less because the US economy is on a slide.
Several people are getting rich while the rest of the world grows poorer. It appears that it is not a question of supply and demand. But rather a question of supply, demand and greed.
Until next time.