Oil Prices Making History
Not only are oil prices dropping to historic lows, they remain one of the only portions of our economy putting money back in consumers’ pockets. Oil futures closed the week down $2.85, or 6.5%, to $40.81 — the largest weekly decline recorded since 1991. Crude-oil futures finished the day down to levels not seen since December 2004. A strengthening dollar as well as November’s unemployment report were the main proponents that continued to spiral prices:
“The fall in employment was brutal,” said James Williams, an energy economist at research firm WTRG Economics. “Folks without jobs drive less, and those in fear of losing their jobs are minimizing expenditures.”
