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Re: Why Did Oil Prices Drop?

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On Fri, 10 Oct 2008 21:10:21 -0600, "Buffalo" <(E-Mail Removed)>

>Anyone or everyone know?
>I don't.
>Sounds like the greedy got burnt and stopped speculating on oil.
>What is the real reason??

Pres Bush declared that off shore drilling restrictions would be
That in itself caused the speculators to wake up. Plus the fact that
the news media was directly pointing the finger at the speculators for
the high prices.

Within days after the announcement, prices began to drop royally.

If there are major oil deposits close at home like that, then OPEC
will have competition and OPEC doesn't like competition.

My question is, as the crude oil price has nearly been cut in half,
why hasn't the pump price? Pump prices should be nearly a dollar less
than they are.

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