Oil plunged $5 as investors fled to safer havens due to turmoil in the U.S. financial system and on early signs Hurricane Ike had spared key U.S. energy infrastructure. London Brent crude fell $5.26 to $92.32 a barrel.
High fuel prices and wider economic problems have dragged down oil demand in the U.S. and other large consumer nations, sending crude prices from a record high over $147 a barrel in July.
Some thoughts:
• Fuck you Chavez, Ahmadinejad, and Putin (less leverage for the hostage takers)
• Fuck you Muttley/Beaverhausen...drilling is not the key to price drops (ummm, it's about our exploding debt and the weak dollar but don't let the facts get in your way)
• Fuck you to the speculators...I hope you go bankrupt (without a taxpayer bailout)
• This is good news for the poor people that need to heat their homes this winter
• This is bad news because it shows the extreme fucked-up-ness of our economy
Other than the effects on the economy and country in a macro sense, the price of oil effects me not. I won't benefit from this as I didn't feel the pinch when prices skyrocketed.
Monday, September 15, 2008
Oil Prices Plummet
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2 comments:
here in hawai'i, we were the first to feel the spike in prices and the last to feel the drop. we are still at (a low of) $4.19/gal at costco, and averaging about $4.30/gal in general.
that sucks.
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