Gas Prices Drop as US Increases Oil Production
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iStock/Thinkstock(NEW YORK) — Gas prices have continued to fall nationwide despite unrest in the Middle East, according to experts.
Analysts attribute the decrease to a spike in U.S. oil production, as the nation receives 12 million barrels of crude oil from North America.
“… we’re relying less and less on that Middle Eastern crude oil,” said Patrick DeHaan, senior petroleum analyst with website Gas-Buddy.
Iran and Saudi Arabia have cut crude oil prices, which would lead to a price war among members of the Organization of the Petroleum Exporting Countries. The trend could cause oil, and as a result, gasoline prices, to decline even more in the months ahead, DeHaan added.
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