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Oil prices drop by $9 a barrel
Oil prices plummeted today, down as much as $9.26 a barrel, as investors feared that the nation’s financial woes could cut into demand, CNNMoney.com reports.
Will we see a change at the gas pump?
Light, sweet crude fell $6.35 to $138.83 a barrel in electronic trading on the New York Mercantile Exchange. Earlier prices dipped to $135.92.
Prices began to fall after Federal Reserve Chairman Ben Bernanke warned that high energy prices have sapped the purchasing power of U.S. households.
“It seemed to pick up steam after President Bush spoke about drilling off shore,” said Phil Flynn, senior market analyst with Alaron Trading in Chicago.
Permalink | Comments (2) | Post your comment | Categories: Headlines, Business, National news
Comments
By Dragonslayer
July 15, 2008 4:38 PM | Link to this
Fantastic, I would like nothing better to see it drop to about .99 cents a barrel and see what all those money hungry people who bought stock hoping to make a fast buck will do! I’ll be glad to point out the open upper windows in the skyscrapers to them! Have a nice day!
By David
July 17, 2008 1:11 PM | Link to this
Hallelujah.
Normally, I take the “moral” high road on issues like these…”free market”, rah! rah! rah! But if energy is a society’s blood supply -that very society which guarantees everyone’s “free market”, and the speculators eating sand for the last three days are blood parasites.
Supply and demand, peak oil, et cetera, are not driving these dynamics. FEAR about supply and demand are driving an artificial, watered down simulation of “peak oil”, and as for the “experts” (no such thing on Wall St., btw) re-iterating that the skyrocketing price of oil reflects the market forces of supply and demand and that speculators are being “unfairly targeted by politicians”…look who they work for. Where do you think their money is. Of what value, then, is their “objective”, “expert” (no such animal) opinion when their self-interest lies in skewing the truth by fear mongering?
I read an article a month or so ago where a trader cautioned that “the last one in is going to get their eyeballs ripped out”.
Hallelujah, scumbags. Hallelujah.