Re: SOT: Oil's slide could push gas to $1.15


Mike Tantillo wrote:
http://www.newsobserver.com/104/story/486039.html

Oil's slide could push gas to $1.15
Tension in oil-producing regions is easing, and stockpiles of crude are
approaching 1990 levels

WASHINGTON - The recent sharp drop in the global price of crude oil
could mark the start of a major sell-off that returns gasoline prices
to lows not seen since the late 1990s -- perhaps as low as $1.15 a
gallon.
Philip K. Verleger, a noted energy consultant who was a lone voice
several years ago in warning that oil prices would soar, now says that
they appear to be poised for a dramatic plunge.

Crude oil prices have fallen about $14, or roughly 17 percent, from
their July 14 peak of $78.40. After falling seven straight days, they
rose slightly Wednesday in trading on the New York Mercantile Exchange,
to $63.97, partly in reaction to a government report showing fuel
inventories a bit lower than expected. But the overall price drop is
expected to continue, and prices could fall much more in the weeks and
months ahead.

(see the article for the rest)

MJT: I'll believe it when I see it....though I heard yesterday that El
Nino has formed in the pacific, which could mean a very warm winter in
the NE, and subsequently record low heating oil consumption, which may
allow supplies to recover. Maybe gas tax revenues will start to
increase a little if the prices do drop quite a bit?

Yea, I don't believe this one for a second, either. There's never been
an actual SHORTAGE and look at where prices went.

Charles R. Whealton
Charles Whealton @ pleasedontspam.com

.

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