Sure has been quiet on the "gas prices", "oil shortage" front lately, hasn't it?
"Ooops...There goes another talking-point, ker-plop..."
The free-fall in crude prices is unlikely to reverse course without significant signs that the world economy is improving.
Oil, like stocks and other risk assets, fell sharply Thursday as fears of slowing global growth gripped markets, which were also beset by speculation about pending bank downgrades and Europe’s sovereign crisis.
But the price of oil has a separate significance in that it is an important lever on the world economy, and its decline could help consumers.
Crude prices have fallen 30 percent from their March highs as oil production globally rose to a record level in May, according to the International Energy Agency.
The world is now pumping 91.1 million barrels per day, the most ever. OPEC production, at more than 31.5 million barrels in May, is also higher than normal.
West Texas intermediate plunged 3.5 percent Thursday, following government reports of ample supply and domestic production at a 13-year high. WTI finished $3.05 lower at $78.20 per barrel, the first close below $80 since October.
And the reason we are in a recession - is because oil prices spiked over 100/barrel
Same thing that started the last recession in 2008.
And your right - democrat for sale- we havn'e heard much whinig about speculators lately have we? Funny how every body shuts their traps about them when prices are falling.
Yeah, apparently the speculators lost their collect a**es on this one...They tried to bid it up and cash in, the bottom fell out, and they took it in the shorts... Boo-friggin'-Hoo...
Isn't it amazing how it's Obama's fault when they're rising, and it's just "market forces" when they come down... Who knew?
Democracy4Sale wrote: Yeah, apparently the speculators lost their collect a**es on this one...They tried to bid it up and cash in, the bottom fell out, and they took it in the shorts... Boo-friggin'-Hoo...
Isn't it amazing how it's Obama's fault when they're rising, and it's just "market forces" when they come down... Who knew?
Obama = recession = lower gas prices... good job Obama. There... I praised him... happy now? Where did you learn economics?
