Oil prices continued to fall Friday, November 23, amid weaker global demand and increased output in the United States, to the lowest price in 2018. The cost of a barrel of oil dropped below $60, a decrease of more than 20 percent from its peak last month.
2018 AVERAGE MONTHLY GAS PRICES-
October $2.39 - $2.68, $2.54
November $2.38 - $2.65, $2.52
December $2.35 - $2.62, $2.49
2018 U.S. Average $2.57
President Trump has credited Saudi Arabia with the falling oil prices. Saudi Arabia is furnishing the United States with shipments of Aramco/Total produced gasoline.
The drop in prices has raised concerns about the international economy, as well as domestic growth in the United States. "The real economic growth rate measures economic growth in relation to gross domestic product (GDP). From one period to another the growth rate adjusted for inflation. Alternatively, it is expressed in real terms as opposed to nominal terms (Investopedia.com)."
Ingredients to decrease oil prices:
-High production output in Saudi Arabia.
-Record U.S. oil output.
-Exemptions from U.S. sanctions on Iranian oil.
-Slow global growth.
-Stock market decline.
-Trade tensions.
Prices fell at the pumps, $2.80 to $2.60 on Friday. Drivers of midsize cars are saving about $3 each time they fill up their tanks.
The U.S. became the largest global crude oil producer earlier this year via the fracking boom and other drilling innovations.
