Posted by
Locutisprime on Saturday, July 19, 2008 3:07:02 PM
Oil Prices Tumble in Biggest Weekly Drop Ever
Saturday, July 19, 2008
NEW YORK — The
price of oil recorded its biggest weekly drop ever, and a gallon of gas
finally pulled back from its record high. So is it time to declare the
energy bubble popped?
Experts won't go that far just yet.
"It's
too early to say we've seen the worst of it," said Tom Kloza, publisher
and chief oil analyst of the Oil Price Information Service in Wall,
N.J. "We would be Pollyannish if we believe one week represents a
trend."
Still, with oil recording yet another
drop on Friday, some industry experts who just days ago thought there
was more juice left in oil's meteoric run are reconsidering.
"If
this is not the bubble's implosion, than it's a reasonable facsimile,"
analyst and trader Stephen Schork said in his daily market commentary.
"Time will tell. Nevertheless, for the time being we no longer care to
hold a bullish view."
Light, sweet crude for August delivery fell 41 cents Friday to settle at $128.88 on the New York Mercantile Exchange — well below its trading record of more than $147 a week earlier.
The
average price of a gallon of regular gas fell about a penny for the
day, to $4.105, according to auto club AAA, the Oil Price Information
Service and Wright Express. Diesel prices dipped three-tenths of a cent
to $4.842 a gallon.
The price of crude oil drops more in one week than it has in the
history of oil trading and pricing period? And the mainstream media
seems to not only care less....but they have yet to make the
connection. Could that be no more complicated than the twin realities
that are as obvious as the nose on their faces?
Early last week, President Bush lifted the executive ban on drilling
in ANWAR and along the American continental shelf. Remember, that was
the same executive ban that Nancy Pelosi said two weeks ago, was the
major impediment to lifting the ban on drilling period. Never the mind,
that the congressional ban remained in effect then as it does now and
that it is the real blocade to any development of our own resources of
oil domestically.
Many economists and other politicians, have stated categorically
that if the ban was lifted and we were allowed to pursue our own
resources, that action in and of itself would result in an immediate
reduction in the price of oil by $50 - $60 a barrel. But the nay sayers
of the loyal left, continue to trumpet their purposely false belief and
representation , that "America cannot drill itself out of this oil
crisis."
So what happened with the drop of the price of oil, in less than
three days from the time that President Bush lifted the executive
ban... That's right, the price of oil dropped $20 a barrel. The largest
price drop in history. So what would happen then...if congress were to
lift the ludicrous ban on drilling in the tundra wasteland of ANWAR?
And along the Florida and Gulf coast?
Do the political math folks. The price of oil would drop to at least
$60 - $70 a barrel withing two weeks. The democrats know this. As they
know that any precipitous drop in the current price of oil by lifting
the ban, would result in the realization of the American people, of who
has actually been the obstructionists behind what has led to this
crisis to begin with.
Take unregulated oil speculation and the absurd ban on drilling for
our own domestic supplies of oil out of the equation, combined with a
free market economy? And the democrats are immediately revealed as the
real phonies masquerading in the wizard suits behind the curtains in
congress. The American people deserve better from their representatives
on both sides of the isle, but the one's really turning the screws on
the American people concerning oil, are not the evil rich or the oil
companies. The one's responsible are the friendly neighborhood
supposedly progressive liberal democrats. The same ones that are
presently fish mongering the red hearrings and foisting the socialist
reworked new deal proposals of one Barack Obama.
Americans need to be screaming at their elected representatives. And
they need to be screaming so loud into the congressional office phones
and those in the senate and with emails and letters, that these self
serving political partisans have no choice but to listen. Either that
or face the music come November in the general elections.
Write and call your congressmen and senators. Let them know that you
know what is going on and who is responsible. And that you will
remember who your real tormentors are come November.