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.