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September 08, 2006

Oil Tumbles Below $66/BBL

Good news all around:

World oil prices have fallen to a five-month low point below 66.0 dollars a barrel in London on diminishing prospects of supply disruptions.

Crude futures, already weakened in recent days by expectations that
Iran would not face economic sanctions over its nuclear programme any time soon, have been weighed down further by strong rises in US energy stockpiles.

Prices were being pressured also Friday by fading fears over this year's Atlantic hurricane season and by BP's announcement it might restore production sooner than expect at the biggest oil field in the United States.

Did I say good news all around? Okay, not all around. Part of the reason oil is falling is because the markets realize the West is going to let Iran have an atomic bomb. Imagine the supply glut after Iran or a terrorist proxy nukes NYC and plunges the world into a deep economic depression!

Or at least that's what they think. Bush says differently. Whether I believe him, I don't know.


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posted by Ace at 01:03 PM

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