Crude Oil drops below $125 per barrel
 

SAN FRANCISCO (MarketWatch) -- Crude-oil futures fell nearly $4 Wednesday, as data showed U.S. inventories fell less than expected and as concerns faded that Hurricane Dolly would pose much of a threat to energy infrastructure in the Gulf of Mexico. Crude for September delivery, the new front-month contract, fell $3.98 cents, or 3.1%, to settle at $124.44 a barrel on the New York Mercantile Exchange. U.S. crude inventories fell 1.6 million in the week ended July 18, the U.S. Energy Information Administration reported. Analysts surveyed by Platts had expected a decline of 1.9 million barrels. The hurricane is not expected to have a major impact on oil and natural gas operations in the Gulf, weather analysts said.

http://www.marketwatch.com/bulletinr...7D&siteid=bnbh

lemme know when it is under 70

Gas finally went down here 12 cents today

not going to happen but im looking for 90 - 100

gas finally fell below 4 a gallon a few places around here

who ever thought I would be happy to see 3.99 a gallon gas :1orglaugh:(

...And John Mcain is thanking George Bush for making it happen. :1orglaugh

"WILKES-BARRE, Pa. (AP) - Republican John McCain on Wednesday credited the recent $10-a-barrel drop in the price of oil to President Bush's lifting of a presidential ban on offshore drilling, an action he has been advocating in his presidential campaign."

Lol. Nice picture.

:)

yawn... this was already predicted.. its called DEMAND... if the speculators were driving the price up as congress and the media would lead you to believe, then oil would still be going up...

the richest investors in this country have already said oil would retreat to at best $80-90, settle there for maybe 4-6 months, and then start climbing again until over $200+...

however, if isreal does something stupid like attack iran, you will see oil hit $200 in less than a week imho...

the bottom line is people are conserving fuel right now any way they can and that is what is lowering the price of oil... however, china and india's demand is growing on a daily basis and will eventually lead to tighter supply that will cause oil price increases regardless of US demand...

do you have any links backing this?

The price of oil doubled in the last year did demand also double?

The last couple times energy prices have increased like this was when Enron and Amaranth Advisors were running rampant on deregulated markets. The richest investors at that time also said it was due to demand.

We have the largest investments banks in the world taking controling interest of underlying oil infrastructure while at the same time making huge bets on oil futures. These banks are making obscene amounts of money and its not hard to figure out where that money ultimately comes from.

about time!