Monday, September 15, 2008

Oil Price Gouging

The good news is that oil fell below $100 a barrel today as the New York Times post this: Crude Oil Declines, Trading Below $100.

After more than six months in triple-digit territory, oil prices dropped sharply on Monday, falling under the symbolic $100-a-barrel threshold as financial woes raised concerns about a slowing economy and slackening oil demand.

Oil futures in New York closed down $5.47, to $95.71 a barrel, their lowest level since February.

And the bad news is that OPEC doesn't like that oil fell under a $100 dollars barrel so the 13 member cartel is cutting oil production by 500,000 barrels per day, which of course is price fixing. This is illegal by World Trade laws but that fact has never stop OPEC from price fixing the cost of crude oil openly in public.

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