Rebecca Roberts, Chaves Forsees Greater Fall for Oil, 10/16/2008 12:30pm
Currently in Venezuela crude oil prices are continuing to decline, and this is in part because of the US economy. President Chavez says that despite the current US economy and the recession that the US is going into that Venezuela should not experience what the current US economy is going through.
It is estimated that in 2009 crude oil prices in Venezuela will be between $55 - $60 a barrell. At the present time crude oil is at $73 a barrell which is at a record 13-month low. Earlier this year reports show that crude oil prices were as high as $147.
Reasons for the decline in prices for crude oil is because of the US economy and the global recession that is currently going on. Also according to OPEC there are estimates for November for crude oil to continue to decline and there are hopes of oil starting in November to be at $72 which means that the prices of gas will continue to go down.
http://www.presstv.ir/detail.aspx?id=72343§ionid=3510213
2 comments:
I like the sound of that! Although I really don't understand why our economy suffering will make gas prices go down. Unless it's because if we buy less because it's more expensive then they lower prices. But I never knew we got oil from Venezuela.
Hopefully this means that gas prices will go down and stay at a constant low level for many years. It is interesting knowing the different places in which the States recieves oil from.
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