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Crude Oil Prices Decline From Record Highs



The price of crude oil has fallen more than $6 from Monday's record high of $139.89 a barrel, but the impact of soaring energy prices is still hurting businesses.

Tuesday Air Canada became the latest on a long list of airlines cutting flights to save money on fuel. The carrier is reducing capacity by seven percent and cutting 2,000 jobs.

Rising fuel costs have also sparked protests by fishermen, taxi and truck drivers around the world. A strike by South Korean truckers is in its fifth day on Tuesday, and has blocked exports crucial to the nation's economy. Drivers want cuts in fuel prices or subsidies to pay them.

And the plight of European Union fishermen is at the top of the agenda as ministers from EU nations gather in Italy to consider new policies.

Retail gasoline prices have hit a series of record highs recently in the United States. The latest record price was posted Monday, when the nationwide average was just over $1.07 a liter ($4.08 a gallon).

Record high gasoline prices are beginning to cause drivers in the United States to cut their fuel consumption. The latest survey by the company that distributes a widely-used credit card (MasterCard) shows that nationwide gasoline demand was down a bit more than three percent last week when compared to the same time last year.

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