Oil Slips Below $67 – Can OPEC Halt the Slide?
Economic recession. Plentiful stock. Reduced consumption.
Can you say ‘soft market’?
OPEC has called for an emergency meeting with plans to stop the downward march in crude price to 50% off its high of just 3 months ago. Maybe the OPEC nations should thank the speculators for boosting crude by perhaps an additional 20% when times were good!
My gut still tells me that lower energy prices – especially through heating season – will help any sort of economic rebound, should the brainiacs in Washington get the financial house in order in the coming months. (In fact, some news pundits have suggested that lower energy prices are like a stimulus package of their own. Consumers are paying less for energy and can put that money to better use.)
Anywhere fuel costs touch the economy should see residual weakness as well. I am hoping that we all get a nice little present for the holiday season.
Oil falls below $67 on US recession fears – AP
OPEC faces tough test as oil price tumbles – International Herald Tribune
With gas prices going down, I now have 15 more dollars a week to spend on something else. it definitely helps!