Prices drop, companies merge, UN seeks end of fossil fuels

Last week had many big stories. Below is a summary of some.

Petroleum prices decline. Record oil and natural gas production in Texas and across the U.S. have created an oversupply causing prices to drop. West Texas Intermediate (WTI) crude oil prices traded on the New York Mercantile Exchange slipped below $70 on Wednesday and natural gas prices dropped to $2.55 per British thermal unit (Btu). The decline in prices in the oil patch is being felt by consumers as retail prices for gasoline went as low as $2.45 a gallon in many locations across Texas.

The Energy Information Administration (EIA) at the Department of Energy predicts Brent crude oil, which is traded on the international market in London, will drop from its previous forecast of $93 per barrel to average $83 in 2024. EIA forecasts natural gas will average $2.80 per Btu from November to March (the major consumption period) because of the high production rate and warmer weather.

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