August 5, 2008
LEAVE IT TO SENATOR OBAMA...:
Gasoline prices fall again (Martin Zimmerman, 8/05/08, Los Angeles Times)
Gasoline prices are still tumbling, the government reported Monday, while a steep drop in crude oil prices in New York futures trading could indicate that more relief for consumers is on the way.The U.S. average price for a gallon of self-serve regular gasoline slid 7.5 cents to $3.88, its lowest level since May 19, according to the Energy Department's weekly survey of filling stations.[...]
On the New York Mercantile Exchange, meanwhile, crude for September delivery fell $3.69 a barrel, or 3%, to $121.41, its lowest close since May 5. It traded as low as $119.50 a barrel during the day's hectic session.
...to backpedal on drilling while prices are falling after standing fast while they rose. Such is the sad nature of reactionary politics. Posted by Orrin Judd at August 5, 2008 7:16 AM
I was just thinking of the traders who bought contracts at 147 and half to unload them at 1/5 their value, if they are lucky. Watching Wall Street, and Gordon Gekko (Boesky) get taken to the bank by Sir Larry Wildman, (Goldsmith) made be think of this.
Posted by: narciso at August 5, 2008 8:53 AM