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European Oil Demand at 16 Year Low

Reuters reports that in light of record high prices and a mounting EU debt crisis, European demand for oil is quickly deteriorating. Here in the United States, consumer demand for oil is also falling for the first time in months.

Prices have been driving ever higher after months of turmoil in the Middle East have consistently constricted the supply of oil. The military operations in Libya alone are preventing over a million barrels of oil from reaching international markets every day. Industrialized nations are already experiencing slowed growth as a result of energy concerns, prompting OPEC to seriously consider releasing more of its emergency reserves in order to boost supply.

As we begin to enter the summer driving season, we should expect the cyclical rise in crude oil prices. Amidst growing uncertainty and rising prices, now would be an ideal time to take advantage of fuel price protection programs.

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