Breece Provides Context about Oil Prices

University of Maine economist James Breece was interviewed for a story in the Morning Sentinel about dropping oil prices. He said oil prices have plummeted due to a host of reasons, including that increased production of shale oil in North America has increased global supplies. In addition, Breece said as the Chinese economy and the European economy declined, the demand for oil has dropped. While Breece said oil prices will likely increase when the economies of China and Europe recover, he doesn’t believe they’ll reach previous record levels.