Crude oil plummets to lowest levels in 3 years
Crude oil plummets to lowest levels in 3 years
- September 10, 2024 okenergytoday.com
Crude oil prices hit their lowest level since December 2021 after trading ended on Tuesday. Each fell nearly 4%.
It came after OPEC+ reconsidered and lowered its demand forecast for 2024 and 2025, a move that offset supply worries from Tropical Storm Francine, according to Reuters.
The final results? West Texas Intermediate crude dropped $2.96 or 4.31% to close at $65.75 a barrel on the New York Mercantile Exchange. At one point Tuesday, WTI crude futures fell more than 5% and hit their lowest levels since May 2023.
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Permalink Reply by Skip Peel - Mineral Consultant on
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Federal energy policy has little to nothing to do with the price we pay for gasoline or natural gas. States regulate the majority of O&G production. 89% of oil production domestically comes from private and state lands, not federal. And 91% of natural gas production comes from private and state lands, not federal. The O&G industry collectively has the rights to about 8 million acres of federal leases that were acquired for next to nothing, are cheap to renew and are not being developed. The meme, Drill Baby Drill, is the most idiotic partisan talking point currently being embraced by those who are clueless.
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