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Oil Price Droped Below $70 a Bareel

According to The New York Times report, the oil price dropped below $70 a barrel reaching the lowest price in 14 months on Thursday. Oil price had dropped about $40 a barrel in three weeks, which indicates the weakening economy of the world. On Friday, the delivery traded for crude oil on November will be at around $73 a barrel on the New York Mercantile Exchange. According to Lawrence Goldstein, an energy economist, if the oil price stays, consumers would have $250 billion more, over a year. The Energy Department said the domestic oil demand has fallen to 18.6 million barrels a day, the lowest level since June 1999.

The Baltimore Sun reported that crude oil has fallen 52.5 percent since surging to a record $147.27 on July 11. According to the auto club AAA, the new national average is $3.084 a gallon at the pump. Stay at this rate, the national average for gasoline could fall below $3 by the weekend. Fred Rozell, retail pricing director at the Oil Price Information Service in Wall, N.J, said that the oil price is “dropping like a rock." On Thursday, the OPEC called an emergency meeting on Oct. 24 at its headquarters in Vienna, Austria, which moved up almost a month..