[Mitch]

For the past several years, U.S. petrochemical producers have held that one of the biggest threats to their shale gas raw material advantage would be a sharp decline in oil prices. Now, these fears are materializing, thanks to a glut in world oil supplies and the refusal by oil-exporting countries to cut production.

Since reaching a peak of $107.26 per barrel in June, prices for the U.S. benchmark crude—West Texas Intermediate—have fallen to below $70. The global oil market is being oversupplied to the tune of 700,000 bbl per day over demand of about 93.2 million bbl per day, according to Citigroup analyst Edward L. Morse.

Full story here: Oil Price Decline Hitting U.S. Chemical Makers

[Corribus]

Well, I sure am enjoying it at the pump.