Consumer relief as oil prices fall!!!!!!!!!!!!!!!

[Deja Q]

http://abcnews.go.com/Business/CSM/story?id=245648

:crazy:

NEW YORK, Nov. 15, 2004 -- After more than a year of billfold-emptying increases, the price of oil appears to have peaked.

For almost three weeks, crude-oil prices have tumbled, dropping about $7 from an eyebrow-raising price of $55.67 a barrel. The drop is coming as cold weather begins and should help consumers (even though they will still be paying higher prices than last year).

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In fact, the price of oil may stay down for some time since it now appears producers are supplying more crude than demand might warrant. "We don't see them going back up," says Neil Gamson, an energy analyst at the Energy Information Administration in Washington.

If oil prices continue to fall, or at least stabilize, it would put more money in the pockets of consumers and businesses. "It increases confidence so consumers and business are more likely to spend money," says Sung Won Sohn, chief economist at Wells Fargo Banks in Minneapolis. "A lower price for oil is a prerequisite for any meaningful increase in economic growth."

The article has more to it, but isn't this a crock of steaming cattle cack?

Also, a lower price in oil means more people will use it frivolously - and be doing the Middle East a favor by speeding along the inevitability of peak oil. And when that happens, our economy will be obliterated into such fine dust that even a hydrogen atom would be infinitely larger by comparison.

[tridim]

1. Uhm.. Wasn't oil about half the current price under Clinton?

They think we're trained seals. I guess 51% are.

[wicket]

2. How I miss the 99cent a gallon days!

:kick:

[K-W]

4. Erm, I dont.

As much fun as it is when oil is so cheap for americans that in our zeal for consumer goods we piss away a priceless natural resource.

[buckettgirl]

8. mee too! the sad thing is...

that hasn't been so terribly long ago... ;(

[Township75]

9. While it is sad for you, the earth couldn't be happier...

there is finally a force that will force people to make efforts to conserve...or at least, it hurts them more financially to waste resources.

I hope high gasoline prices are here to stay!

[buckettgirl]

10. i'm all for the environment...

but i'm poor and i have to communte to college, 23 miles one way, because it is cheaper than living in the town where the college is. high gas prices won't fix anything. why should I have to suffer because people own SUV's? there is no incentive for american automakers to produce energy efficient/renewable energy vehicles. The earth won't be happy until we move away from oil completely, but high gas prices won't make that happen as long as corporations run the government - not the people!

[Township75]

11. There is an incentive.

"there is no incentive for american automakers to produce energy efficient/renewable energy vehicles. "

High gas prices will discourage people from buying gas guzzline SUVs. That in turn will encourage automakers to make fuel efficient cars.

[buckettgirl]

12. um, what world are you living in?

People ARE buying gas guzzling SUV's (heck, I see new Hummer's around all the time!). If they weren't then we would already see many more hybrids and stuff like that on the market. So far gas prices don't seem to stop anything... we (as a country) still consume gas at ungodly high rates. People don't even try to get the most efficient gas mileage on the highway by slowing down, either - they disregard their gas bill AND speed limits. People don't think they are in a crisis - yet. If they did, it would be like the oil embargo in the 70's: high gas prices/limited supply = fuel effient vehicles, alternate transportation, and a national speed limit at 55 mph. We haven't seen anything like that yet. High gas prices haven't changed anything yet, and we've been dealing with it since bush first got in office.
The only thing high gas prices do is hurt lower/middle class people, and line the pockets of already rich corporations (haliburton) who don't give a crap about the environment and will encourage higher consumption at any cost, in order to keep wealth/greed flowing.

[Booster]

3. Americans really are so easy to manipulate.

[K-W]

5. And Bush has created a ton of new jobs!!!!

That is if you dont count the jobs he lost of course.

[Javaman]

6. WTF? I thougth the Arabs were ringing there hands over how they couldn't

Pump anymore or lower the prices? Now the price is going down after the election? Squeeze them with fear, then when moron wins, suddenly find a way to drop the price and then comment, "oh look what a fearless leader we have!" Then all fall lockstep into his sea of bullshit.

[many a good man]

7. Republican Economic Stimulus plan

25 cents a gallon savings is equivalent to the tax cut most of bush*s voters got last year....