I caught some newsie commentator a few weeks ago say that the decline in oil/gas prices was due to the declining (world) economy.
That doesn’t make since. It was NOT a roaring economy that sent the gas prices over $3 and nearing $4 due to demand.
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Gas prices started falling when, supposedly, there was talk of Obama going to release oil from the Strategic Reserve. [Did he, or was it just pre-election rhetoric?]
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Something else is behind this recent decline.
One article a couple of weeks ago said that Obama had made a deal with the Saudi’s to reduce oil prices until after the election.
That sounds more likely.
The economy was producing decent numbers through the 4Q11 and 1Q12. During the second quarter almost all of the economic indicators have rolled over and are either negative are heading negative. The economy has slowed significantly even from it’s anemic rate.