American Motorists benefitted by Falling Oil Prices

American Motorists benefitted by Falling Oil Prices

Continuing fall in the prices of oil in the international market provided Americans an advanced Christmas present. It has been reported that the average price of regular gasoline has dropped 25 cents to $2.47 a gallon across the nation in past two weeks.

According to the latest survey of Lundberg dated December 19, the regular-grade gasoline price went down to a five-and-a-half-year low.

Lundberg, publisher of the survey, said that American motorists could expect that the pump prices might further fall down by a few more pennies.

The survey conducted across the 48 states showed that motorists in Long Island pay the highest at US$2.82 per gallon, while those in Tulsa enjoy the lowest at US$2.06.

It has also been informed that the US crude futures had gone down for four consecutive weeks and in 11 of the past 12 weeks. It was found that crude prices decreased 14.2% in the last 14 days but went up by 5.1% to US$57.13 per barrel on Friday. Oil prices on Monday went above US$62 per barrel.

During the energy conference in Abu Dhabi, Saudi Arabian Oil Minister Ali al-Naimi blamed non-members of the Organization of the Petroleum Exporting Countries (OPEC's) for the spiraling down of oil prices. As per Nasdaq's report, lack of coordination, speculation and misleading information have also affected the oil prices.

Since the OPEC's decision to retain its oil production levels on November 27, oil prices have witnessed a downward trend.

And until the end of 2015, energy prices are expected to remain low, forecasts KBC Energy Economics. Decline in prices are welcomed by the traveling public and motorists because of lower pump prices and lower transport fares.

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