Thursday, September 18, 2008

$90 Crude Oil: Law of Supply and Demand Trump Politics

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Crude Oil Prices Dropped to $90/Barrel
Is Big Oil Less Greedy Now?

"International oil prices have dropped about 10 per cent in two days, the biggest slide since 2004, with US crude down to a seven-month low of about US$91 a barrel."

Oil dropped to around $90 per barrel yesterday.

What has caused the drop in crude oil prices--from over $140 just weeks ago?

Are oil companies suddenly less greedy? Did a collective light bulb go on in the heads of Big Oil executives--perhaps, after listening to all the Leftie talk about how cold-hearted they were?

Maybe it was the US House of Representatives passing a "Don't Drill Now!" bill?

Will economic conspiracy theorists have to find a new whipping boy?

Or maybe it was that strangest of economic mysteries: the Law of Supply and Demand.

Economic problems around the world, exacerbated by this week's turmoil on Wall Street, had depressed expectations of demand and affected the oil price.

Talking about "the law of supply and demand" is not politically sexy for liberals.

Bashing Big Oil is.

With the price of oil down--by as much as $55/barrel--does this mean that Big Oil is 1/3 less evil?

Will liberals and House Democrats change their rhetoric?

Does a bear wear a beanie?

by Mondo
images: dbkp; dkimages

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