Re: Why Did Oil Prices Drop?

Discussion in 'Computer Support' started by richard, Oct 12, 2008.

  1. richard

    richard Guest

    On Fri, 10 Oct 2008 21:10:21 -0600, "Buffalo" <>
    wrote:

    >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
    lifted.
    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.
     
    richard, Oct 12, 2008
    #1
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