According to a post on Google's blog, the company will be shutting down its popular RSS Reader Google Reader due to declining useage and an effort to focus on putting energy into fewer services. The shut down of Google Reader is part of a broader "spring cleaning" which includes shutting down Google Cloud Connect, Google Building Maker, and the blackberry Google Voice application.
Google Reader is set to shut down on July 1 giving users a three-month period to find alternative feed-reading solutions as well as to export Google Reader data via Google Takeout.
For some suggestions as to other services that you can use, check out this article from USA Today which discusses four popular reader services to try.
For those of you who just can't imagine life without Google Reader, you can try signing this petition at Change.org that was created by Dan Lewis.