Oil prices are still under $50 a barrel due to a glut in production and OPECâ??sâ??the cartel of oil-producing countriesâ??price war. Some say that the OPEC is winning: U.S. energy firms have been making cut-backs this summer due to losses from the low prices. Itâ??s good news for U.S. consumers though: Labor Day gas prices are expected to be the lowest in 11 years.
But lower oil prices are almost definitely bad news for the governments whose budgets are dependent on them being high.
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