Business

Oil prices tumble in biggest weekly drop ever
by Paulina Neshybova

On Friday oil prices recorded again its lowest decrease so far, and also the prices of gas per gallon dropped finally from their record high. But of course experts are not so opitmistic and they declare, that it would be foolish to believe that this drop could mean a trend. Nevertheless, the experts who were sure about the oil increase are now reconsidering their statements and they say that the time would show what´s going to happen. But some brave buyers were last week buyng those chepaer barrels, as the pullback was sharp, but the experts warned them to do so, asi t can be only a sudden decrease.
According to auto club AAA, which is the Oil Price Information Service and Wright Express the price for a gallon of gas fell about a penny that day and it means $4.105 and Diesel prices fell to a $4.842 a gallon. However, also the light, sweet crude fell on the New York Mercantile Exchange to $128.88, which is much beloww their record in trade.
Even the prices of gas could be cheaper, it will not change the way how Americans drive and live. But buyers are now concetrating on more fuel – efficient models and they buy smaller cars instead of trucks or sports cars. Therefore the carmakers are now trying as fast as they can produce these more efficient cars. For example Toyota Motor Corp., last week said that they are going to produce the Prius in the U.S. and will stop the produciton of trucks and SUV, so they should meet the demands of consumers now. Also Ford Motor Corp. and general Motor Corp. are announcing their production of smaller cars.


related story: http://news.yahoo.com/s/ap/20080718/ap_on_bi_ge/oil_prices;_ylt=Al0v2DEIeff7tG92SqVP0PKs0NUE

by Paulina Neshybova for PocketNews (http://pocketnews.tv)

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