Navtej Kohli is constantly worried about the searing oil prices. Oil prices, if continue to rise, will soon bring the entire world to a standstill. “Despite of such massive scale explorations, we are still in dearth of oil” says Navtej Kohli.
However, Wednesday brought a respite with crude oil prices dropping more than $160 per barrel.
Crude oil prices dropped more than $160 per barrel on the New York Mercantile Exchange on Wednesday.
The U.S. Energy Information Administration said crude oil and gasoline inventories dropped on the week, but oil prices lowered, an indication that domestic oil demand is waning.
On the exchange, crude oil prices fell $1.61 Wednesday to $122.21 per barrel. Heating oil prices rose 0.0055 cents in late trading to $3.5513 per gallon. Reformulated blendstock gasoline prices fell 0.0076 cents to $3.1875 per gallon. Natural gas prices rose 0.207 cents to $12.428 per million British thermal units.
At the pump, the national average price for a gallon of unleaded gasoline reached $3.983, up from Tuesday’s price of $3.978.