This Just In...


Local time
4:43 AM
Jun 19, 2008
An excerpt from a financial newsletter that I get...

"Oil, finally responding to the "demand" side of the equation, with traders worried that a weakened economy would take the demand out, fell $6.44 on Tuesday in the biggest one-day decline since the early '90s. Then it fell again yesterday to $134.60. And today, after rising this morning, it fell another $5. Last Thursday oil had closed at a record $145.29. With today's drop, the price has come down 11% in a week, pulled down in part by falling natural gas prices."

While I haven't noticed an 11% decline in prices at the pump:censored:...(which would equate to $3.56; down from avg. $4.00)...
...We're having an effect!!! Danged, oil terds!

Here's to keeping the pressure on.
Maybe it's the "speculation bubble" that we've heard about finally bursting.

But if it's no bigger than that, then that won't help much.

But maybe there's more room for falling? That'd be good. Maybe.

I've been sorta cheering on the rising fuel prices. But if it goes too far most of us will lose our jobs. That wouldn't be good.
If the dollar strengthens against foreign currency, the price will definitely go down. I think that's almost a bigger key right now than demand speculation. The dollar is so weak right now.
The ongoing credit crunch in the US market, with major bank failures or near failures, suggests that the US dollar won't be strengthening against major foreign currencies any time soon.

Fuel oil in the NE is already at or near $4.00/gallon in most markets, and due to the nature of the refining process, yeild of fuel oil/bbl of crude is actually lower than the yeild of gasoline/bbl of crude. So, a momentary downward blip in the per barrel price of crude on the spot markets is NOT likely to drive costs to the end users down.
My sister in CT just ordered home heating oil for $4.59 gal about 3 weeks ago.