Dated Brent Spot $56.95 / Barrel at 11:30 AM EST
NYMEX RBOB GASOLINE $1.35 / Gallon at 11:30 AM EST
Some commenators predict we are headed back to $40 a barrel –
Where were we just about 1 month ago –
Posted on October 2, 2008 by mcauleysworld |
Crude Oil Prices Down to $90 / Barrel (Dated Brent Spot) – Commentators predict fall to $75 / Barrel
Gasoline Futures Down to $2.29 a Gallon – Where is our relief at the pump?
Clearly, speculation was the key reason the United States saw a run up in gasoline prices to $4.00 per gallon prior to the US elections. While demand or consumption has dropped, it has only dropped marginally. The price of a barrel of crude oil topped out at $147 per barrel in July before retreating to $90 just one month ago. Consumption has not dropped by 63% – the price of oil has. Claiming that “worries about economic depression” are responsible are for the price drop are false. The oil futures being purchased today will be delived in 90 days – not 12 months down the road.
Were the markets manipulated? Absolutely! By whom? That is the question. Who gained by the manipulation, financially and politically? We know who lost.