Gonzalo Garcia
Microeconomics 2302-20ZA
October 20, 2014
“Global Oil Glut Sends Prices Plunging?”
WJS.com October 14, 2014
Lately American consumers, including myself, are sighing relief when filling up at
the pump. According to Russell Gold of The Wall Street Journal, last Tuesday’s price of
crude oil on New York Mercantile Exchange was $81.84 per barrel, which is 20% lower
than the start of June. Furthermore, Gold added, analysts forecast the price will drop
another $10, which is the result of the factors of stagnate demand and rapidly increasing
supply due to a breakthrough in technology. Consequently, although, this is an economic
lifeline for countries, like the United States, it is threatening the stability of other countries.
