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Nov 28, 2008

Fuel takes another drastic drop at the pumps

The cost of living may be up but there is good news tonight that will bring some relief to consumers. And if you didn’t run out and full your tank when fuel prices plunged on November fourth, you may want to drive down to the nearest gas station and do just that because fuel prices have dropped once again to new record lows seen since the 1990’s. Premium gasoline dropped from seven dollars and forty one cents to six dollars and sixteen cents; regular gasoline has dropped from seven dollars and five cents to five dollars and seventy four cents; diesel dropped from six dollars and ninety six cents to six dollars and thirteen cents. Since November third that would be a drop of four dollars and twenty eight cents for premium, four dollars and seventy one cents for regular gasoline; two dollars and eighty seven cents for diesel and three dollars and twenty cents for kerosene. The new pump prices came into effect Thursday at midnight. The drop in prices is attributed to the global recession and a drop in demand for oil. The prices have gone up slightly from a low of below fifty dollars a barrel and today on the international markets, oil stands at fifty-three dollars and nine-one cents per barrel for light crude. And according to a Bloomberg report, “ministers from OPEC, which supplies forty percent of the world’s oil, are meeting tomorrow for the third time in as many months to discuss a further cut in production”.

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