After dropping $10/bbl during the day, the price of crude settled down $5 after fears of interruptions in production from Gustav failed to materialize
It really stinks when people are disappointed that nothing bad happens.
That said, it appears we’ve dodged the bullet on the hurricane, although we cannot forget the loss of life and property that has occured.
But it is great news that oil production continues untwarted by the weather, and that the price of oil can continue falling.
When the price as down to about $105 (we closed around $110), at that point the price had lost all it had gained since the beginning of the year.
All that without actually pumping any of that oil out of ANWR or any new off-shore drilling. All that just from the emotions and reactions to decisions and events and pressure from Americans growing stronger and stronger.
Don’t stop. Keep fussing. Contact your congresspeople. Make a difference!
Drill here. Drill now. Pay less.