Oil Prices Drop Below $70 a Barrel

Yanoo ^ | 29 August 2006 | staff

[shrinkermd]

More to this story than meets the eye. Not just a hurricane but many other factors are helping depress speculation to the upside.

[redgolum]

That and some of the futures contracts are coming do.

[Perdogg]

It's Bush fault when it goes up, but silence when it goes down.

[sam_paine]

as Tropical Storm Ernesto veered away from the oil and gas region of the Gulf of Mexico,

Well, it doesn't have to be that way. If the libs would let us drill out there, too....

[B Knotts]

The air is finally leaking out of the oil bubble.

[Red Badger]

It's okay for Castro to drill in the Gulf, but not US..............

[Grampa Dave]

Gas prices in this part of N California in many stations during the weekend went down to $2.95/gallon for unleaded.

The prices have been over $3/gallon for about 2 months.

[Eagles Talon IV]

Gasoline prices were set to drop anyway due to the end of the driving season. This will further depress the price of a gallon of gasoline.

Lower gasoline prices will cause great distress among the libs.

[akorahil]

Oh my god!
A glut of gasoline hitting US markets, and Bush does NOTHING to stop this!
This will drive some gas stations out of business, as they won't be able to make enough profit!
This means more evil SUVs will be bought to burn up this environment destroying item!

BUSH'S FAULT!!

The above was brought to you by Akorahil's sarcasm. Sarcasm-when just bringing up a point isn't poignant enough.

[AbeKrieger]

Now would be a good time to lock in your home heating oil rates for the coming winter. Not gonna get much lower this time around...

[dinoparty]

This is not what the Dems need as we approach November!

[digger48]

Paid 3.07 a month ago here in IN

paid 2.60 yesterday

[Perdogg]

We are not out of the woods yet. We will probably have more storms accompanied by an approaching crises with Iran.

[ichabod1]

There has got to be bad news in here somewhere. There's just GOT to be. (/Bush Derangement Syndrome)

[RSmithOpt]

.......especially if average prices get to around $2.15 / gal come Nov. 07, '06, which, factoring out greedy speculation, is close to where they should be according to analysis NYMEX gas futures versus pump prices.

Opening offshore, ANWAR and introduction of more biodiesel vehicles will help cut back on OPEC dependence.

[cspackler]

$2.43 this morning in Des Moines.

[ichabod1]

Nope. Not with Ahmanutjob out there.

[digger48]

That old End of Vacation and Boating Season thing happens every year when the crumb-crunchers go back to skool

[EQAndyBuzz]

I think the Iranians shot their load with the Hezzies in Lebanon.

I don't think the speculators are taking this into account anymore. Oil will drop to 60 by October nd 50 by the end of the year, nukes or no nukes.

[strange1]

We are not out of the woods yet. We will probably have more storms accompanied by an approaching crises with Iran.

Also, they need to switch over to the winter blends, as well as the ramp up in price for the winter heating oil run. So you're right, plenty of opportunity for it to go right back up.