Spend Matters welcomes this guest article by Avneet K. Deol of Mintec. For months now, crude oil has been making headlines as the price fell from $107 a barrel in June 2014 to a staggering $44 a barrel at the end of January 2015, a fall of nearly 60%. Prices have rallied since then, rising by 38% to reach $60 a barrel in the last week of May. So what was the cause and effect of this sudden drop? Crude oil is a crucial feedstock to a wide range of products, although the greatest demand is for fuels including plastics, chemicals, medicines and refined gases. The price of crude oil then has a huge impact on many day-to-day products. The reduction in production costs and fall in demand for biofuels has affected many commodity prices, from metals to grains, to plastics to shipping.
Americans will consume more than 800 hot dogs per second this weekend. Think about that. Per second. But hey, it’s Memorial Day! It’s the “unofficial” start of summer. And, I bet in addition to us honoring our veterans, a bunch of us are partaking in some barbecuing and probably, as the statistic above shows, eating a hot dog. We share some other statistics about this weekend, including how many people are traveling by car, what drivers should expect to pay for gas and which products shoppers should avoid buying. Hope you are enjoying the holiday!
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