BIRMINGHAM, Ala. — Consumers may have noticed a drop in prices at the pump lately, thanks to a decrease in the price of North Sea Brent crude oil, according to the U.S. Energy Information Administration.
The price of the oil has fallen to around $91 per barrel, the lowest level in more than two years, said the article. The oil had previously traded “from $107 to $112 per barrel for 13 consecutive months through July 2014.”
During that time U.S. production increased and global demand decreased while the Organization of the Petroleum Countries (OPEC) saw substantial oil supply disruptions, noted the article.
The resumption of Libyan oil production has also led to the decrease in prices, stated the article.
The U.S. has seen an increase in light sweet crude oil over the past few years, and imports of the oil have decreased, reported the article. Slow global economic recovery has also contributed to the drop in price.
Light sweet crude oil is used in the making of gasoline, especially in developed countries.
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