Gas Prices

by GIORDANA SCALIA

Staff Writer

In Hougan Lake, Michigan two gas stations prices have significantly dropped to below a half-dollar per gallon. While a nearby Citgo was filling cars for 95 cents per gallon. They have continued to have long lines due to the decrease in gas prices. The United States revoked sanctions that had cut Iran’s oil exports by about 2 million barrels per day since their pre-sanctions 2011 peak to a little more than 1 million. Iran, a member of the Organization of the Petroleum Exporting Countries, issued an order on Monday to increase production by 500,000. Worries about Iran’s return to an already oversupplied oil market drove down Brunt crude to $27.67 a barrel on Monday, its lowest since 2003. U.S. crude was down 27 cents at $29.15 a barrel, not far from the 2003 low of $28.38, hit earlier in the session. Analysts expect Iran will realistically be able to export an extra 500,000 in the short term from storage, but there are doubts whether the state of Iranian oil infrastructure will allow further boosts anytime soon.

 

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s