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Lower Oil Prices 2015 (CRS Report for Congress)

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Release Date Jan. 6, 2015
Report Number IF10026
Report Type In Focus
Authors Robert Pirog
Source Agency Congressional Research Service
Summary:

Oil prices, long recognized as volatile, have declined sharply since June 2014. During the last week of June 2014, the prices of Brent, the world reference crude oil, and West Texas Intermediate (WTI), the U.S. reference crude oil, were $113.74 and $107.04 per barrel, respectively, at their peaks. As 2015 began, the price of Brent was $57.86 and the price of WTI was $53.46. These prices represent almost a 50% reduction. It is uncertain how far prices will decline, or how long the period of lower prices will persist.