Could it be the oil sellers were more impressed by President Bush’s elimination of the executive order banning new coastal drilling than they were on the Dems refusal to follow it up? The former was not widely reported but the oil business heard about it. Or could it be simply a reaction to Americans driving less and buying smaller cars? Something is pushing oil below $130 a barrel for the first time in months. If it keeps dropping, gas prices have to follow. I’d hoped to see what the Seablogger, who follows the market closer than I do, had to say, but he’s busy blogging from his passage on a 160-foot tri-mast sailing yacht off the northeast coast.
UPDATE: The Seablogger thinks the oil price has peaked and the only question now is how far its price will fall.
THE TEXAS SCRIBBLER 