Oil Falls To Less Than $125 per Barrel

Early reports on electronic trading have oil steady at $124.76 per barrel this morning, according to CNN Money. Many analysts felt prices were ready to soar as weather and world politics stood ready to halt major lines of production.

Crude oil prices fell when faced with the prospect of decreasing market demand in the United States – by far the world’s largest petroleum consumer at 25 percent of world output – which has slightly altered its guzzling habits. If anything, this episode highlights the omnipresence of America’s oil addiction and reiterates the need to find a suitable energy solution that breaks the dependence on Middle Eastern nations.

Source CNN Money:

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