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Sic Semper Tyrannis

Friday, July 25, 2008

Oil continues to fall - consumers throw arms in air and scream in delight!


"People say typically prices shoot up like a rocket, fall like a feather. But this time ... it looks like it's different," Sundstrom said. "The retail sector is interested in bringing these prices down as fast as they can to stimulate business in their convenience stores."

In the trading pits, oil continued on a two-week sell-off. Light, sweet crude for September delivery fell $2.23 to settle at $123.26 a barrel in on the New York Mercantile Exchange. Earlier the contract dropped as far as $122.50, its lowest point since June 5.

Many analysts say the market's momentum points to further declines. Crude has fallen in seven of the last nine sessions, and is down more than 16 percent from its peak above $147 a barrel earlier this month.
Prices at the pump have fallen a quarter or more per gallon since early last week. I paid $3.82 today.

Still not cheap, and let's not pretend otherwise. But better. Waaaaaay better.