July 18, 2008
RATS! THERE GOES THE PRESSURE THAT COULD HAVE BEEN USED TO RATIONALIZE ENERGY POLICY (via Bryan Francoeur):
Oil falls again: Is the bubble bursting? (ADAM SCHRECK 07.18.08, AP)
[I]ndustry experts who just days ago thought there was more juice left in oil's meteoric run, are reconsidering.Posted by Orrin Judd at July 18, 2008 5:36 PM"If this is not the bubble's implosion, than it's a reasonable facsimile," analyst and trader Stephen Schork said in his daily market commentary. "Time will tell. Nevertheless, for the time being we no longer care to hold a bullish view."
Light, sweet crude for August delivery fell 41 cents Friday to settle at $128.88 on the New York Mercantile Exchange - well below its trading record of more than $147 a week earlier.
The average price of a gallon of regular gas fell about a penny for the day, to $4.105, according to auto club AAA, the Oil Price Information Service and Wright Express. Diesel prices dipped three-tenths of a cent to $4.842 a gallon.
Some analysts said a nationwide average of $4 or even lower could be in the offing - almost unthinkable in a summer when there has seemed to be no relief at the pump - although they cautioned that there is no guarantee prices will stay low.
"We're going to see some relief from that relentless march higher," Kloza said.
Good point ghostcat. I wouldn't mind seeing inflated prices until this time next year if it means we open up ANWR to drilling.
Posted by: Bartman at July 19, 2008 9:32 AMThis isn't the first time we've come to this point. It's amazingly easy for the left to orchestrate calamity, blame Bushco for everything and then just when people are ready to do something about it, oil prices fall, stocks go up, inflation goes down, employment goes up and we fall back into the comfort zone business as usual again. We really are stupid to fall for it.
Things seem to be peaking too early. What'll they have left for the October surprise this year?
Just came back from a vacation in Alaska. Amazing watching how the locals are all for drilling in ANWR while the environmentalists from Massachusetss/Texas/DC/New York are yelling at the locals that it is bad.
Posted by: AWW at July 19, 2008 9:12 PM
Let's see how tomorrow's seance in Geneva goes. I share your (apparent) hope that the crude price does not fall too far too fast. Got to get off-shore drilling through Congress first!
Posted by: ghostcat at July 18, 2008 7:54 PM