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Oil prices tumble again

Posted on 01 December 2008
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Oil prices fell more than $4 a barrel today following an announcement that OPEC will hold off on production cuts for at least another two weeks.

U.S. crude for January delivery dropped $4.13 to $50.30 a barrel after today’s announcement, according to a report from CNNmoney.com. This compares to a high of $147.27 in July.

Gasoline is now below $2 a gallon in many parts of the United States, compared to nearly $5 a gallon this past summer.

The Organization of Petroleum Exporting Companies will meet Dec. 17 to decide further actions on oil production levels.

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