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I hope I am wrong on this. After several weeks of declining gas prices (and many car owners celebrating), I’ve heard rumors that gas prices may actually be on the rise again.
Members of OPEC will be meeting soon to discuss cutting production on oil to increase the prices. It’s a natural supply and demand scenario. This is difficult to hear considering just Wednesday crude oil was at the lowest price since June 2007.
Because of the recession-like indicators we are seeing from our economy, some members are concerned that these sudden price reductions will severely impact the people that are less dependent on higher oil prices.
Hopefully OPEC can meet somewhere in the middle so the price doesn’t go down too low to impact other parts of the worlds economy, yet not cut the production so much that it creates prices far above $100/barrel, like they were a few months ago.