With the world economy so weak, it doesn't seem possible to maintain high or even moderate gas prices since fuel consumption has dropped so much.
Crude prices tumble despite record OPEC cutsORAN, Algeria (AP) -- Here's how bad things are for OPEC these days: It announced its largest-ever production cut Wednesday and oil prices promptly slumped to $40 a barrel, the lowest level in more than four years.
Ministers of the 13-nation oil cartel were trying to shock moribund markets into life by slashing output 2.2 million barrels a day, more than double two recent production cuts. "I hope we surprised you," said OPEC President Chakib Khelil when asked whether the move would send prices upward.
Instead the markets yawned and there appeared to be more good news for consumers -- at least for the short term. Although declining gasoline prices have begun to edge up after falling from an average of $4.11 a gallon in July to a low of $1.65 on Friday, analysts believe oil's decline could send them even lower.
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