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2008-08-07 Home Front Economy

Oil prices close below $119 after inventory report

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Posted by Steve White 2008-08-07 00:00|| || Front Page|| [3 views ] Top

#1 Believe it or not, this is not good news. Knowing the fickled nature of the American public as reflected through the politicians they keep electing they will take this to mean that there is now now need to increase upstream and downstream outputs while developing an alternative non-fossil fuel economy. I wager that in less than a year - hopefully before the elections - we are right back to nearing $200/bbl.

Posted by Jack is Back!">Jack is Back! 2008-08-07 03:53|| 2008-08-07 03:53|| Front Page Top

#2 It's not good news because it's a demand contraction which probably signals lower consumer spending across the board going forward. Recession here we come.

Posted by AzCat 2008-08-07 08:22|| 2008-08-07 08:22|| Front Page Top

#3 Now all we need is to close below $117 and hope it triggers a massive sell-off.

Posted by bigjim-ky 2008-08-07 10:38|| 2008-08-07 10:38|| Front Page Top

#4 This country has no long term energy plan or energy policy, so we are sitting there responding to the markets, instead of making our own news by achieving petroleum independence from our suppliers who are also our enemies, i.e., ME plus Venezuela, plus corrupt POS states like Nigeria.

Posted by Alaska Paul 2008-08-07 17:22|| 2008-08-07 17:22|| Front Page Top

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