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Oil prices plummeted Thursday, falling below $70 a barrel
NEW YORK: Oil prices plummeted Thursday, falling below $70 a barrel for the first time in 16 months, prompting the OPEC oil cartel to call for an emergency meeting next week.
The rapid decline in prices had alarmed both petroleum company executives and oil producers, who are becoming increasingly nervous that oil's roller-coaster ride undermines the stability of energy markets.
Oil prices have dropped sharply in recent weeks amid the economic crisis and lower consumption in developed nations. In New York, oil futures fell as much as 8 percent to $68.57 a barrel Thursday, their lowest level since June 2007. Oil has lost half its value since hitting a record $147.27 a barrel in July.
While not quite a rout yet, the precipitous drop undermines the elusive quest for stability that both oil producers and petroleum executives say they need to invest over the long term. The sharp decline Thursday prompted OPEC members to move up an emergency meeting - initially set for Nov. 18 - to next Friday, to look for ways to stem the price decline. Analysts expect the cartel's producers to reduce their production by about 1 million barrels a day.
The surprise announcement came a week after OPEC, the Organization of Petroleum Exporting Countries, which controls about 40 percent of the world's oil exports, said its members would meet in November "amid growing unease over the situation." But some OPEC members have been alarmed at the panic selling in commodity markets and successfully lobbied for an earlier meeting.
http://www.iht.com/articles/2008/10/16/business/oil.php
I am actually happy since OPEC did not want to increase production and the price is now falling fast. $2.89 yesterday for me and hopefully this will help many with heating prices over the winter.
Re: Oil prices plummeted Thursday, falling below $70 a barrel
Not to be a debbie downer, but I found out the other day that the natural gas companies that supply our home heating energy bought up reserves over the summer when gas was super expensive so we're still going to pay super expensive bills this winter.