There were posters here who predicted that oil would fall right after the election. These paranoids thought someone might have bid up oil futures for political reasons.
Of course, thats pretty much what has happened. Oil started dropping right about election day.
Its going to be OK...
NYMEX January 2005 Light Sweet Crude (date, open, high, low, close)
20041012...53.10...53.20...51.40...51.67
20041013...50.90...52.80...50.80...52.62
20041014...52.70...53.50...52.35...53.47
20041015...53.05...53.45...52.80...53.40
20041018...53.20...53.30...51.80...52.31
20041019...51.40...52.20...51.40...52.14
20041020...52.40...54.05...52.25...53.93
20041021...53.93...54.15...53.60...54.05
20041022...54.35...55.00...54.35...54.69
20041025...54.70...54.95...53.90...54.17
20041026...53.80...54.85...53.55...54.76
20041027...54.75...55.30...51.85...52.17
20041028...51.35...52.60...50.65...50.74
20041029...50.90...51.70...50.50...51.60
20041101...51.90...52.35...49.22...50.01
20041102...49.75...50.25...49.45...49.59 <<-- election day
20041103...49.65...51.00...48.50...50.82
20041104...50.72...50.85...48.75...48.84
20041105...49.10...49.70...48.40...49.62
20041108...49.05...49.60...48.70...49.17
20041109...48.10...48.70...47.35...47.57
20041110...47.40...49.10...47.30...48.92
20041111...48.09...48.40...47.25...47.60
20041112...47.50...48.20...47.30...47.41
20041115...46.50...47.10...45.45...46.95
20041116...47.30...47.44...46.15...46.20
20041117...45.90...47.35...45.50...47.12
20041118...47.00...47.30...46.00...46.38
20041119...46.80...48.95...46.75...48.89
20041122...48.95...49.25...48.35...48.64
20041123...48.83...50.25...48.80...48.94
20041124...48.60...49.60...47.80...49.44
20041129...49.60...49.95...49.15...49.76
20041130...50.05...50.40...48.68...49.13
20041201...48.90...49.00...45.35...45.49
20041202...44.30...44.60...42.50...43.25
20041203...42.53...43.60...42.05...42.54
20041206...43.00...43.60...42.73...42.98
20041207...42.55...42.65...41.38...41.46
20041208...40.70...42.50...40.70...41.94
20041209...42.20...43.20...42.05...42.53
20041210...43.01...43.10...40.25...40.71
"There were posters here who predicted that oil would fall right after the election. These paranoids thought someone might have bid up oil futures for political reasons.
Of course, thats pretty much what has happened. Oil started dropping right about election day."
Although I think politics probably had something to do with the high price of oil, I believe the fed raising rates is more responsible than anything for the recent drop in the price of oil.