May 11, 2011
SPECULATION ISN'T INFLATION:
Oil tumbles as U.S. supplies rise and demand falls (Tom Petruno, May 11, 2011, LA Times)
Energy prices led a renewed plunge in commodities Wednesday after government data showed rising U.S. crude oil and gasoline inventories -- and weaker demand.
A fresh surge in the dollar also knocked many raw materials prices for a loop by raising the cost of commodities for foreign buyers.
Near-term crude futures in New York were down $5.34, or 5.1%, to $98.54 a barrel at about 11:30 a.m. PDT, the second decline below the $100 mark in four trading sessions.
Gasoline futures plunged 25.38 cents, or 7.5%, to $3.12 a gallon.
Trading in oil and gasoline futures was briefly halted when the slide in gas prices reached 25 cents, triggering a preset circuit breaker.
That commodity prices couldn't withstand the shooting of one nutcase in a Pakistani fleabag tells you all you need to know about that bubble. Posted by Orrin Judd at May 11, 2011 2:40 PM