Oil prices drop after hitting multi-year highs this week


SPRINGFIELD, Mass. (WWLP) – Just as oil prices hit multi-year highs on Tuesday, prices went down Wednesday, which just goes to show its an ever-changing cycle.

Oil prices dropped nearly two percent on Wednesday after hitting a multi-year highs. The latest surge in the crude prices had been caused by the refusal of the Organization of the Petroleum Exporting Countries and allies to boost output and concern about tight energy supplies globally.

Noonan Energy always keeps and eye on the price of oil. While demand is there, the Springfield supplier is not worried about seeing shortages at their facility.

“Out oil comes up the pipeline from New Haven, so as long as the barges and ships can get there and unload it, we should be fine,” said Sales Director Tim Noonan from Noonan Energy.

With winter coming, and colder temperatures expected soon, the demand for oil only grows. Noonan said just make sure you have enough oil in your tank.

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