OIL AND GAS COMMODITIES HAVE MAJOR 2015 DECLINE - Gasoline Dropping To $1.42 In Some States

(01/11/2016)

Oil and natural gas commodities prices saw a dramatic drop during 2015, according to the U.S. Energy Information Administration. "With sustained, high crude oil production from countries like Saudi Arabia, Iraq, the United States, and Russia, global liquid fuel inventories rose significantly in 2015, resulting in crude oil prices falling to 11-year lows in December," the report stated. In West Virginia, the average cost is $1.93 a gallon, according GasBuddy. USA Today reports in some states, a gallon of regular has dropped to $1.42. Tumbling oil prices combined with strong refinery capacity could push the price of gas to $1 gallon in some areas, according to USA Today, That hasn't happened since 1999. The report further says the price could spike above $2 a gallon at times. As natural gas production increased and reached record-high inventory levels, natural gas futures prices declined to the lowest level in 16 years in mid-December.

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