Newspaper article THE JOURNAL RECORD

Crude Oil Futures Plummet

Newspaper article THE JOURNAL RECORD

Crude Oil Futures Plummet

Article excerpt

Crude oil futures plunged Thursday to new 12-year lows, falling below $11 a barrel, on the New York Mercantile Exchange amid concern above-normal temperatures in major U.S. heating regions that are reducing demand will worsen a global supply glut.

Energy prices have been battered in recent weeks amid indications world oil producers are unprepared to make further cuts in daily output to reduce a persistent oil glut.

The glut has meant lower gas prices and heating bills for consumers, and lower jet fuel costs for airlines, but problems for producers. Members of the Organization of Petroleum Exporting Countries and other oil producers -- many of whom need oil revenues to finance their government programs -- have suffered a disastrous year in which prices have fallen 40 percent over year-ago levels. The situation is so desperate that Libyan leader Maimer Gadhafi has called on OPEC countries to completely halt production during the winter season to boost record-low prices, Egypt's Middle East News Agency reported Thursday. …

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