Friday, August 8, 2008

22 Days & Counting


And still more news:
Oil sinks more than $4 as dollar rallies

NEW YORK ( -- Oil prices tumbled Friday as the dollar rallied strongly against slumping foreign currencies and concerns about a Turkish supply disruption were eased.

Light, sweet crude for September delivery lost $4.03 to $115.99 a barrel in electronic trading on the New York Mercantile Exchange.

Wow. From "a record high of $147.27 hit set July 11" to today. Tell me, which new oil fields opened up in the past month? Which oil platforms in the Gulf of Mexico were built in the past four weeks? How many wildlife refuges were opened to drilling?

All of which proves the point that offshore oil drilling and opening ANWAR won't do a damn thing to lower gas and oil prices here at home. Conservation and controlling rampant speculation will.


Gas prices still dropping like a rock:

Gas prices fall: 22 days and counting

The national average price for a gallon of gas slips to $3.836. Only 10 states are above $4 a gallon.

NEW YORK ( -- Retail gasoline prices fell, on average, more than a penny overnight, extending declines for the 22nd straight day, a survey of gas station credit card swipes showed Friday.

The national average price for a gallon of regular gas fell to $3.836 from $3.849 the previous day. That's down nearly 7% from the record high of $4.114 that gas prices hit on July 16.

Gas prices have eased substantially in recent weeks amid signs that global demand for petroleum products is slowing.

Isn’t that amazing. Who could have anticipated ...?

Here in Nashville I saw $3.69 at a Pilot station earlier this week. That’s a 40-cent drop from the high of $4.09/gallon back in July. Funny none of the stories about that Republican kabuki theater on offshore oil drilling bothers to mention that.

Hey! Rep. Roy Blunt! Yeah, I’m talking to you! Guess we didn’t have to lift that offshore drilling ban after all!