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January 12, 2009
Oil-rich countries brace for hardship as prices drop

Oil prices were lower on Monday, dropping almost 8 percent after rising for about a week. Gasoline prices have come down as well, after 10 days of increases.

Since peaking in July at $147.27, oil prices have dropped a total of 74 percent.

Daniel Yergin, the Pulitzer Prize-winning author of “The Prize: The Epic Quest for Oil, Money and Power,” joins Martin Savidge to discuss declining oil prices, how prices will look in the long-term and whether oil-rich countries like Russia, Iran and Venezuela will ever regain the power they had when prices were higher. 

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