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| Oil tumbles under USD 67 |
| 2008-10-17 |
 Oil prices have slumped further, with Brent crude sliding under 67 dollars a barrel -- the lowest level for more than 15 months.That's $1.675 per gallon for crude. Add 50 cents for refining and transport, taxes and tags, and it translates to $2.18 a gallon for gasoline. |
| Posted by:Fred |
| #7 Where's that tariff I've been calling for to hold imported oil at a $60 baseline? (And put the resulting revenue into energy infrastructure?) Nah, let the cartels take it to $25 again and wipe out all the companies that have been investing in alternatives. Don't forget the cartels pump oil for less than $5, they can hold it down for six months and then jack it back up. That should do it. The only bright spot is that Iran and Chavez might not survive the oil crash. The Saudis will be fine (and pleased with the outcome). |
| Posted by: KBK 2008-10-17 21:56 |
| #6 Actually, I think the oil tanks are stuffed full. Gas tanks a little lean, still. |
| Posted by: KBK 2008-10-17 21:50 |
| #5 I keep asking and nobody can tell me, where did those speculators keep all that oil they were hoarding? There sure must be a lot of empty oil tanks right now. |
| Posted by: Nimble Spemble 2008-10-17 16:57 |
| #4 Glenmore, had the same thought cc speculators. |
| Posted by: swksvolFF 2008-10-17 11:37 |
| #3 Still several hundred thousand barrels per day of production from the Gulf of Mexico off line from the hurricanes. Supply is down, prices are dropping, what does that say about demand? Dropping faster. Both US and foreign demand. And of course speculative demand - somebody got left holding that $140/barrel bag (probably we taxpayers as part of the bailout.) |
| Posted by: Glenmore 2008-10-17 09:54 |
| #2 No worry. It'll rise back once the plans for offshore drilling, etc. are dumped. |
| Posted by: g(r)omgoru 2008-10-17 09:32 |
| #1 Getting there. |
| Posted by: Whiskey Mike 2008-10-17 07:58 |