dmcowen674
No Lifer
Originally posted by: Whoozyerdaddy
Everyone said it would go back UP after the elections. What gives?
LONDON (Reuters) - Oil fell toward $55 on Friday, hitting its lowest level since mid-2005 driven by fund selling across commodity markets on concern of an economic slowdown in the world's largest energy consumer the United States.
Oil drew further downward momentum from high U.S. oil inventories and ahead of the expiry of the front-month U.S. crude contract at the close of trade on Friday.
U.S. crude was down $1.01 at $55.25 a barrel at 1327 GMT after hitting its lowest level since June 14 last year at $54.86. The price has fallen over 29 percent from the record of $78.40 in July.
I guess that "drive for five" is on hold for now. Actually, this article seems to indicate that the price of oil is a market driven factor and not arbitrarily set by the Bush administration or evil oil companies. Who knew? Ya learn something new every day.
Good news though. (Especially for those of us who heat our homes with oil) $40-45/barrel would be just about perfect.
Topic Title: Oil drops to 17 month low
Topic Summary: I'm confused...
What are you confused about?
Have you've seen gasoline drop proportionately???