The Organization of Petroleum Exporting Countries -- also known as "foreign oil" -- has predicted that demand for oil has fallen so much because of the global recession that it will take four years to return to 2008 levels. You may remember gas prices hitting over $4 a gallon that year.
Specifically, OPEC says it's the global drop in industrial production -- manufacturing and mining -- that has led to cheaper prices at the pump.
It's the recession, again.
Bonus: Recession clears traffic jams.
categories: Oil Economy
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