Posted on 07/09/2009 8:42:45 AM PDT by Rufus2007
There could be a potential “tax break” the no one in the news has really picked up on with this ailing economy – a big drop in the price of oil. Although the media hype price increases, oil prices are dropping and could be heading toward lows not seen since 1999.
Philip Verleger, a business professor at the University of Calgary and visiting fellow at the Peterson Institute for International Economics told CNBC’s July 8 “The Kudlow Report” how the cost of oil might drop. Verleger explained why the current price of oil – at $60 a barrel, off its $72 highs, is still way too expensive for the market and why it could come tumbling down to $20.
...more (w/video)...
(Excerpt) Read more at businessandmedia.org ...
well if oil does go to $20 again... I am putting every spare dime I got into oil futures.
Yesterday it was announced here in Oregon that our natural gas bills will be dropping by 10-20% starting this fall/winter.....
Now we know why T Boone Pickens shut down his wind farm project.
Even a freshman trader could win that bet.
And when I win the lottery, I am going to buy all the tickets to the next draw
I think it could drop if it follows consumer demand. However, I doubt it will go as low as $20.
That is the best news I have heard in a long time. This could really be great for Americans who are having hard times right now. This might just turn the economy around. People will definitely be driving a gain and of course once they get to their destination they will buy items. This is fantastic. Keep in mind 91 percent of Americans have jobs!!! Why people are concentration of 9 percent is beyond me. Celebrate the great news of 91 percent employment. We are a bummer country in some ways.
Since when is a drop in the market price of a raw material a tax break?
Prices in the commodity complex in general keep declining.
Smells like a deflationary depression despite all the stimulus.
and the dems will propose......................raise taxes on gasoline!
Why are prices at the pump rising?
That would bring the speculators out and oil would jump back up.
Why are prices at the pump rising?
This could bail out you know who. :-(
Bush 1 missed the big drop in oil which helped Clinton through 2 terms. This was post Gulf War 1 and OPEC was a bit more “cooperative.”
‘$20’
Yea, maybe in a IMF currency or ‘World’ denomination.
as predicted, the Dimocrats are turning their regulatory blunderbuss on the “speculators” who are starting to head for the tall grass
When Cap and Screw drops in, all of our bills will double (even with $20/barrel oil).
Heh, stay tuned for the upcoming war against the libs.
If a oil goes down to $20 a barrel then Obama, Pelosi and Reid will raise the gas tax 200%. The will not allow the price for a gallon of gas go much below $1.75. They need the high price to pay for their wet dream green technology.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.