Oil prices collapse

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    May 05, 2011 10:36 PM GMT
    ...dipping below $100 today. Probably will mean gas prices will dip in about 1-2 weeks.
    http://hosted.ap.org/dynamic/stories/O/OIL_PRICES?SITE=AZTUS&SECTION=HOME&TEMPLATE=DEFAULTThe plunge in oil may be enough to keep pump prices from reaching a national average of $4 per gallon. Retail gasoline has surged 30 percent this year. It's risen for 44 consecutive days to $3.985 per gallon.

    Fred Rozell, retail pricing director at Oil Price Information Service, a private research and consulting firm, said the national average probably won't get to $4 per gallon.

    "I wouldn't be surprised if we dropped to about $3.50 by the middle of June," Rozell said.

    So much for more drilling...which would increase oil supplies in about, say 10 years.

    Thank you GOP for making the suggestion though...killing bin Laden was much more effective. icon_lol.gif
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    May 05, 2011 10:51 PM GMT
    I suppose that's one interpretation, unfortunately not shared by any reporting I've seen from the financial markets since the drop occurred just after US economic reports:


    Crude oil, gasoline, and heating oil fell at least 6.8 percent, with crude sinking below $100 as commodities plunged the most since 2009. The declines came after U.S. jobless claims climbed, adding to concern that growth will slow, affecting fuel demand. Ethanol also declined.