A year back all the oil consuming countries were having nightmares every day because crude oil prices were jumping to record highs almost every day. From as low as 30 dollars in 2007, the crude oil prices reached a record high of 147 dollars in early 2008. Now it is the turn of oil producing countries to get nightmares.

The crude oil prices are reaching record lows every month now. This month, the prices have a hit a new low of 45 dollars, which is nearly 70% lower than the record high prices just few quarters back. The OPEC countries are now crying, unable to meet the huge financial shortfalls even with record high undisclosed production of crude oil.