The website Vox, explains the recent falling prices this way. Most of the last 10 years, oil prices were highly inflated which caused gas prices to soar and the price had been bouncing around $100 per barrel since 2010. Oil production could not keep up with demand in emerging economies such as China plus conflicts in key oil nations like Iraq, and thus the prices soared.
The soaring caused countries like the US and Canada to start drilling for oil in Shale formations beneath the earth and at the same time oil demand began to fall in places such as Europe, Asia and the US. Meanwhile, countries such as Iraq started producing more oil in the face of weaker demand.
In late 2014, the world supply of oil was rising much higher than the demand and in Sept. prices began to fall and have kept falling into early 2015. Read More
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