Thursday, September 14, 2006

Gas prices to plunge?

We're all seeing the price of gas dropping big time since the summer. Heck, I remember screaming when gas was starting at $3.05 here, but I'm not so miffed now that I am filling up at $2.43. Anywho, from the Seattle fishwrap:
The recent sharp drop in the global price of crude oil could mark the start of a massive sell-off that returns gasoline prices to lows not seen since the late 1990s — perhaps as low as $1.15 a gallon.

"All the hurricane flags are flying" in oil markets, said Philip Verleger, a noted energy consultant who was a lone voice several years ago in warning that oil prices would soar. Now, he says, 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.
A-HA! Those evil "Big Oil" companies are trying to grease the skids to help keep their corporofascist Republican buddies in power! You know, drop the prices now (and thus screw their shareholders) to help re-elect Republicans, then turn around in December and raise the prices right back up to $3.00! Or even higher! Grandma's gonna have to decide between filling up her car in order to get to bingo, or eating Alpo for breakfast and dinner! Damn you, George Bush!

For those of you on the left, the prior paragraph was sarcasm...even if it does happen to mimic whatever the dimwits at the Kos kooks' playground happen to say/think (and I use the word "think" reluctantly).

Since Bush was blamed for skyrocketing gas prices, do you think he'll get credit for the falling prices? Me neither.