Thread: Oil prices plummet more than $6 amid economic fear

http://news.yahoo.com/s/ap/20080715/ap_ ... oil_prices

Mounting concerns about the risks inflation poses to the United States, the world's biggest oil consumer, helped spark the declines.

I'm betting that oil producing countries are freaking out now that US drilling is a possibility. GOOD! I hope we do drill off the Alaskan coast and all the oil rich countries profits plunge way down! That'll teach them to hold any country hostage to their greed.

I hope the first new drill bit is right between Pelosi's eyes . Drill baby Drill

“Congressional attacks on speculation do not alter the oil market’s fundamental demand and supply conditions. What would lower the long-term price of oil is for Congress to permit exploration for the estimated billions upon billions of barrels of oil domestically available, not to mention the estimated trillion-plus barrels of shale oil in Wyoming, Colorado and Utah. Some politicians pooh-pooh calls for drilling, saying it would take five or 10 years to recover the oil. I guarantee you we would begin to see a reduction in today’s prices even if it took five to 10 years for us to get the first barrel. Put yourself in the place of an OPEC member knowing there would be a greater supply of U.S. oil five or 10 years, hence maybe driving oil prices lower to say $40 a barrel. What will you want to do now while oil is $130 a barrel? You would want to sell as much oil now and OPEC’s collective efforts to do so would put downward pressures on current oil prices. [b]Right now the U.S. Congress is OPEC’s staunchest ally.â€