Vienna, Austria (AP) Oil prices are below 127 dollars a barrel today, extending a decline of more than 3 dollars in the previous session. The drop comes amid a feeling that record-high costs have cut demand for gasoline and other fuel.
Backing that up are new statistics from the Federal Highway Administration. According to an industry newsletter, they show that Americans scaled back the number of miles driven this past march by more than 4 percent compared to march of last year. That comes out to 11 billion miles.
Also today, Indonesia says it's leaving the Organization of Petroleum Exporting Countries because declining production and investment have made it difficult to meet even its own needs. Indonesia is the only Southeast Asian member of OPEC.