The price of a barrel of oil dropped $7 today?

what caused this sudden drop??...could it...maybe, could it be because of the speculation of more oil on the market because PRESIDENT BUSH ENDED THE EXECUTIVE ORDER NOT TO DRILL OFF THE CONTINENTAL SHELF??...COULD THAT BE POSSIBE??The price of a barrel of oil dropped $7 today?
If the mere rumor of added instability in the middle east can make the price of oil rise, the rumor of more oil domestically can make it drop.The price of a barrel of oil dropped $7 today?
no. The drop in oil prices was largely due to the price being too overinflated given that the dollar has strengthened recently and the middle east is not becoming too much more destabilized right now. It also had a little to do with the market realizing that the skyrocketing oil prices are destroying the economy and that a modest pullback is inevitable so people put in stop losses to sell if the price drops to much thus actually creating more loss.
Yep! And just imagine how often that would happen if we heard announcements of:


Alaska drilling OK'd


Several new nuclear power plants under construction


USA builds new refineries


Oil from Coal to proceed despite environmentalists


Iraq now third largest oil supplier to USA


Doers defeat Whiners in World Series
I'm sure that's part of the reason but not all the reason. I thought I read it was closer to $10 a barrel this morning. Oh well, that's the LIEberal media for ya. They never can get things right the first time, it doesn't sell more news.
It's possible, but its also possible that the price was inflated due to overspeculation. This drop could merely be a price correction, and it could be gone by tomorrow.
No ... There was a change in the Banking and Securities laws today. The hedge fund managers stopped trading for a while, to find out how the new law was going to effect the trades.
Based on speculation, yes. But not to worry, the Dems will squelch any chances of energy independence... As a result, they'll hang themselves... Let 'em!
Yes, even talk about more oil on the market is spooking the F*ING speculators who drove up the price so fast. I hope they all go broke.
Oh Oh, does that mean they can't build anymore indoor ski slopes and mega grandiose castles?





I agree wholeheartedly!





No they didn't notify me again!!! Maybe we have been noticed as to what drum beat we walk to. :+)
sure...it's down to $137 . Everthing is gona be great now.
No that isn't possible. The world is getting panicky about Americans economic instability.