September 8, 2004

...AND LOWER...:

Oil prices fall as supplies build, storm misses Gulf (September 8, 2004, Chicago Sun-Times)

Oil prices fell Tuesday as OPEC's president said supplies were growing faster than demand, and traders breathed easier knowing that petroleum production in the Gulf of Mexico did not suffer as a result of Hurricane Frances.

''There's no news to keep prices from falling,'' said Ed Silliere, vice president of risk management at Energy Merchant in New York, noting that the market has even shrugged off recent pipeline sabotage in Iraq.


Were there any inflationary pressures you'd not require news.

Posted by Orrin Judd at September 8, 2004 11:29 AM
Comments

It's now clear (and I have to admit it wasn't clear to me earlier this year) that a lot of the upward pressure on the price of oil, and concomitant rise in gasoline prices, was due to speculation, pure and simple. Speculators are a plague, but an inescapable one in the market.

Posted by: Joe at September 8, 2004 1:02 PM
« CAN HE TELL THE DIFFERENCE BETWEEN TED BUNDY AND A PLEDGEMASTER?: | Main | OUR FIRST AFRICAN PRESIDENT: »