Oil Prices Dip

For some time now we have heard about the rise in oil prices and how Bush’s cronies in the oil industry are killing the little guy with high gas prices. There have been cries for price controls, a very bad idea ala Jimmy Carter and there have been calls for investigations. The reality is that the oil is driven by the market. Supply and demand in practice. Here is some good news (and it has nothing to do with my car insurance):

Light sweet crude for October delivery fell 50 cents to $63.58 a barrel in electronic trading on the New York Mercantile Exchange. Gasoline tumbled two-and-a-half cents to $1.9340 a gallon, while heating oil was trading down half a cent at $1.8915 a gallon.

Perhaps a combination of higher prices and the end of the summer vacation has people using less fuel. Whatever the reason, the price of oil will fluctuate depending upon supply which is heavily ties to the damage in the Gulf.

The entire article is at Breitbart.com



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