Oil down nearly $10 a barrel in 2-day skid

Apparently surviving the 4th of July weekend without anyone launching a nuke at Iran has calmed oil traders fears and let the price per barrel slide down over $9 a barrel in two days time.

So, will the price at the pump come down? I bet it slips from $4.10 to no less than 3.99, maybe not even that far. Seems to me that every time oil companies raise prices on middle east turmoil, hurricanes in the Gulf or supply chain fears, when those events pass without a hitch the price only comes down a fraction of what it went up.

Wait… are you suggesting that oil traders are strongly affecting the current price, and not absolute Supply and Demand?


I’d be happy to pay $4.10 right now.

Woo hoo!

Happy days are here again!

Gas will be down to $2 a gallon before you know it!

Time to take out another mortgage on my home and buy an SUV!

Today GM announced that they’re reopening recently closed SUV plants, and building new ones!

Whales, the renewal source of oil.

On a related note, does anyone have an election/oil price theory for this year?

Well Iran tested ballistic missles last night, which should send those traders scampering to secure $150 a barrel futures today. So much for the price decline. The government is oh so helpful as well, allowing top aides to spout off about what a huge threat Iran is right now and how stopping them is our number one priority. Meanwhile, in Iran, government officials laugh and laugh as they continue to fuck with the American economy and undermine it’s people’s confidence in their leadership without actually doing much of anything aside from sabre rattling. And somewhere in the top floor offices of big oil companies another round of executive bonuses are being tallied up.

I just got an email from Hawaiian Airlines with a link to this:
Stop Oil Speculation

Looks like all the airlines are starting to get pissed about the cost of gas.

Oil drops $9 a barrel, so they call up Iran and ask them to toss a couple of missiles so they can cry “boogieman!” and jack it back up. Makes sense to me.

If you don’t think they’re all working together…

I hope it’s a real skid and not a juke.

It’s not like they have some kind of organization that lets them collude on pricing.

Imagine how much it would plummet if you know, our own country decided to take advantage of its own resources…like every other country does.

Yeah, just look at how much cheaper petroleum products are in countries like Canada and the UK!