Mexican Media Brands
Oil Prices Sink to 7-Month Low
The price of petroleum has dropped to a seven-month low in the past week, apparently because of efforts by President Donald Trump to reverse a run-up in prices caused by impending U.S. sanctions against Iran.
#economics
Share
The price of petroleum has dropped to a seven-month low in the past week, apparently because of efforts by President Donald Trump to reverse a run-up in prices caused by impending U.S. sanctions against Iran.
Oil prices have dropped 15% in the past 30 days. Analysts point to eased regulations that encourage U.S. shale oil production, plus releases of stored crude oil by the U.S. Strategic Petroleum Reserve.
The new U.S. trade sanctions on Iran began yesterday. But the White House promptly granted 180-day waivers for Iran’s eight largest oil customers: China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey. Analysts say the move will keep global oil supplies high—and likely drive petroleum prices lower—over the next six months.
The effect has trickled down to retail fuel sales in the U.S. Average prices have dropped 17 cents to $2.75 per gallon over the past month, according to AAA. Average gasoline prices are still 22 cents higher than they were a year ago.
RELATED CONTENT
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
GM, Ford Evaluate Possible Economic Slump
General Motors and Ford say they have bolstered their cash reserves in case the trade war between the U.S. and China triggers a global recession.
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.