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The Wider Ramifications Of The OPEC Deal

The Wider Ramifications Of The OPEC Deal

The OPEC deal has had…

Texas Oil And Gas Output Continues To Fall

Texas Oil And Gas Output Continues To Fall

The Railroad Commission of Texas…

Gasoline Prices Continue to Fall as Oil Prices Drop

As part of the commodity sell-off, oil prices were down again today (the price of gold is irrelevant for the economy, but oil matters). According to Bloomberg, WTI was down to $87.62 per barrel, and Brent was down to $100.39 per barrel.

According to Gasbuddy.com (see graph at bottom), gasoline prices are down to a national average of $3.50 per gallon. Using the calculator from Professor Hamilton, and the current price of Brent crude oil, the national average should be around $3.35 per gallon. That is about 15 cents below the current level according to Gasbuddy.com, and I expect prices to fall further. The low for the year is in the $3.20s per gallon, and a year ago gasoline was at $3.90 per gallon.

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