China's oil demand rose 1.6% from last year which is the slowest it has ever risen in over 20 years. Russia hasn't been able to sell as much oil to them, which China and the rest of Asia is who their primary consumers are. They are dropping the prices for a gallon of crude oil in order to be able to sell more and make up for the money they lost last year. This means that oil prices all over the world will drop if even just a few dollars or cents allowing for more gas to be purchased at lower prices. The gas prices in the U.S. should drop slightly allowing for cheaper travel for my family and I. Also we will save some money to spend on other necessities or luxuries.
Works Cited
Reuters. "Russia Boosts Oil Exports to China Despite Demand Slowdown." The Moscow Times. The Moscow Times, 20 Feb. 2014. Web. 20 Feb. 2014. <http://www.themoscowtimes.com/business/article/russia-boosts-oil-exports-to-china-despite-demand-slowdown/494916.html>.
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