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Home Front Economy
Oil Prices Fall by More Than $1 a Barrel
2006-09-21
Moderator warning: prices may have fallen further by the time you reach the end of this story.
Oil prices fell by more than $1 a barrel Wednesday after the U.S. government released data showing healthy crude inventories and a surge in domestic supplies of distillate fuel, which includes diesel and heating oil.

The selling briefly took oil prices below $60 a barrel _ the level OPEC has hinted could initiate an output cut. "It's a case of a self-fulfilling prophecy," said Alaron Trading Corp.'s Phil Flynn. "OPEC's been dropping hints that it wants to defend $60 and the market is saying 'Okay, let's see you do it.'"
"I'm warning you -- drop the price any furder and I'm gonna take action!"
"Oh yeah, you and what army? C'mon, I dare you! $59 a barrel! Take that!"
"Aaiiiieeee! My heart! That does it!"
Posted by:Steve White

#11  Think of it this way, the Saudi's just lost 1/3 of their revenue stream, and more to follow.

They're going to have to slow their terrorist financing, if not pull back entirely.

This leaves the terrorists under-financed (Means short of guns, ammo, RPG's, etc) and less likely to get any more with each falling penny per gallon.

It's a briliant Coup, releasing the drilling findings in the gulf just as the Saudi's are spending like money is water.
Posted by: Redneck Jim   2006-09-21 18:55  

#10  Bush Bashing news in all news.
Posted by: Clereling Cruns6778   2006-09-21 12:15  

#9  Crude oil futures have plummeted more than 20 percent over the past two months as worries have eased about supply threats and signs of economic weakness in the U.S. could point to softening energy demand.

LOL! The MSM's compulsion to find Bush Bashing news all news is downright funny.
Posted by: Clereling Cruns6778   2006-09-21 12:14  

#8  $2.14 - San Antonio.

Everyone's running around in a sheer panic.
Posted by: mcsegeek1   2006-09-21 12:01  

#7  It could drop even faster if local, state, and federal governments weren't 'hooked' on gas taxes.
Posted by: Slineng Shailet1124   2006-09-21 09:42  

#6  ..$2.08 down the road from my new digs in Georgetown SC..

Mike
Posted by: Mike Kozlowski   2006-09-21 09:42  

#5  Why don't the DummyCrats hold hearings on this? Prices going up and down, up and down, it's all so confusing to Donk demagogues voters. Don't the traders know this is a Talking Point, fer chrissakes?!
Posted by: Speater Flump2829   2006-09-21 07:53  

#4  $2.19 for regular here in Richmond area yesterday.
Posted by: Steve   2006-09-21 07:49  

#3  $2.29 a gallon here in Mobile, and falling daily.
Posted by: Redneck Jim   2006-09-21 06:24  

#2  *BOLTON on TV > US questimates IRAN has enuff oil for 340/304??? years. Heck, lets just say 300-plus years. WND.com > Saudi officio = world is using only 18% of reserves. Basic article message > MOST OF WORLD'S OIL IS UNUSED + UNTAPPED.
Posted by: JosephMendiola   2006-09-21 00:49  

#1  Gawwwd, I wish > still US$3.28 this AM here in Guam.
Posted by: JosephMendiola   2006-09-21 00:45  

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