New York just gave Vladimir Putin and the Middle Eastern energy sheikhs an early Christmas present. Gov. Andrew Cuomo...
Byin USA Today
Oil supply and budgetary gamble is America's gain, and not just in the short term.
This month, the OnCue Express gas station in Oklahoma City lowered its price for a gallon of regular gas to $1.99.
Nationwide, the average price is $2.41 per gallon, down from a high of $3.70 the end of April. Gas prices are the lowest they have been in five years and are expected to decline further, following the $50 collapse in oil prices since this summer.
At last month's meeting of the Organization of Petrolum Exporting Countries ministers in Vienna, some members argued for decreasing production to slow or reverse the oil price drop. But Saudi Arabia, still OPEC's largest oil producer, convinced the other members of the cartel that their best move would be to keep the spigots open. It is a move that remains under debate this week at an Arab energy conference in Abu Dhabi, United Arab Emirates.