Why the Price of Filling Up Has Been Going Down
US News & World Report
Fighters with the Islamic State group have seized oil fields, huge swathes of territory and major cities in Iraq and Syria, threatening oil supplies. Russian separatists have launched a war against Ukraine, apparently with the backing of the Kremlin, which has spurred the U.S. and European Union to impose sanctions on Russia, the world's second-largest oil exporter in 2012.
And yet, average gas and diesel prices at the pump have fallen to their lowest levels in September in four years.
"Initially, when you saw violence in the Middle East, the reaction was, 'Oh, my goodness, this is going to threaten markets, this is going to threaten supply,'" says Tom Kloza, chief oil analyst at GasBuddy and founder of the Oil Price Information Service. "That’s not happening now."
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