Oil Prices Dropped to Lowest Since 2005

Here's a piece of good news for all of us: According to AFP News, the oil prices has dropped to the levels last seen in Year 2005 at 43.67 dollars a barrel on the New York Mercantile Exchange.

In London, Brent North Sea crude for delivery in January fell 3.16 dollars to settle at 42.28 dollars on the InterContinental Exchange, also at the lowest since January 2005.

In intraday trade the New York contract fell as low as 43.51 dollars and the London contract dropped to 42.04.

This is good news for all of us who have been weathering against the economic downturn ever since a few months ago. On top of that, oil prices used to record at sky high prices which led many transport companies to increase their fares and this hurt our pockets deeply. Electricity at home also cost more since the increment of at least 25% on our monthly bills.

In short, we could barely survive with the high oil prices pushing everything else up. From food to transport to leisure to electricity to our basic daily needs. Prices could only go up and up.

However with the decrease in oil prices, we could possibly see a ray of hope shining through our despairs. Due to the falling oil prices, the transport companies, mainly the taxi companies, cut back on charging the oil surcharge to customers.

As for the electricity at home, it is most likely that the lower oil prices will result in lower electricity bills in the next few coming months and that's a relief for us. Money is hard to come by and every saved cents counts a lot.

Hopefully the situation will improve over time as it's not easy to get out of an economic crisis as serious as this current one. But nonetheless, we still can hope for more rays of hope to shine through our lives in the near future.

=D