I was just looking at the recent price movements for West Texas
Intermediary crude oil for a 42 gallon barrel;
A recent high of $ 76.03 on 10/03/18.
The price in new York as of 10:58 P.M. CST this morning was $ 57.58.
That is a decline in 41 days of $ 18.45, or 24.267 %. Yes, the prices
at the pumps should be coming down for gasoline.
The Saudis announced yesterday that they will try to cut production by
600,000 barrels per day. We shall see if they actually do.
The price has came down due a number of factors, a few of which are:
Trump backed down on the embargo for Iranian oil to 6 countries that
are the major buyers that purchase about 75 % of Iran oil exports.
The west Texas shale production continues to expand.
Eventually, there will be lowered production in the US due to the
lower prices. Wells will be shut in until higher prices occur.
Yesterday, a retired CEO of Shall Oil stated on Fox Business News that
the equilibrium price should be in the $ 70 - $ 80 per barrel range.
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