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Price of oil dips below $100 a barrel
News Type: Event — Seeded on Sat Sep 13, 2008 3:24 PM EDT
Article Source: Canada.comadvertisement
For the first time since April 2, the price of oil has fallen below $100 US a barrel. At 1.45 p.m. EDT, the going rate for October crude future on the New York Mercantile Exchange was $99.99 US. It subsequently rose back above $100. The price of oil has been declining amid forecasts that a slowing global economy will curtail energy demand. Oil first burst through the $100 threshold on Jan. 2, the first day of trading for 2008. It peaked at $147.27 on July 11. It has gained 35 per cent since a year ago, when it traded in the $74 range. The rapid rise of crude oil, which has been a factor in high inflation around the world, has been attributed by some to rapid growth of less-developed economies such as China and India, leading to higher demand for energy. Others, however, have blamed trading speculators for the rapid rise in oil's price and its subsequent fall in recent months.
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{"commentId":2915706,"authorDomain":"alkimija"}
...but we're experiencing an oil crisis. And we supposedly have hit - and passed "peak oil." How is it that prices are dropping? And why is it that what you're paying at the pump is going ever-higher?
{"commentId":2915706,"threadId":"357068","contentId":"1862716","authorDomain":"alkimija"}
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#1 - Sat Sep 13, 2008 3:25 PM EDT{"canLink":false,"threadId":"357068","isPrivate":false}
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