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On Fri, 06 May 2011 15:01:41 -0400, wrote:

On Fri, 06 May 2011 11:44:40 -0700, wrote:

On Fri, 06 May 2011 13:54:21 -0400, wrote:

On Fri, 06 May 2011 10:09:12 -0700, wrote:

On Fri, 06 May 2011 01:59:04 -0400, wrote:

On Thu, 05 May 2011 22:05:27 -0700, jps wrote:

Oil took a 10% dive today as speculators started selling off positions
out of fear the top price has been seen.

These speculators should have to pay a huge tax on their profits since
they're causing so many Americans to pay inflated prices at the pump
and causing inflation in every sector of retail.

NEW YORK -- Oil prices took a nosedive Thursday in a historic selloff,
erasing weeks of gains and indicating that the months-long climb in
energy prices may have hit a ceiling.

Crude oil plunged 10 percent as startled investors unloaded their
positions and a weeklong decline accelerated into an outright
freefall. The price of U.S. crude went from triple digits to double
digits, falling below $100 after opening at close to $110. Brent
crude, a European benchmark, lost $12 at one point in a sell-off that
exceeded the one following Lehman Brothers' collapse, Reuters
reported.

An oil correction is underway, experts said, as the price is moving
toward what fundamental economic factors dictate it should be. For the
American consumer, plagued by weeks of rising energy prices that have
begun to weigh heavily on the economy, a bit of respite may be at
hand.

You know the old adage, gas prices go up like a rocket and fall like a
feather

Yes, I also know the story about Chicken Littlle

Having nothing to do with what we are talking about.

It is a fact that gas prices go up with oil prices but they lag the
fall of oil prices by several weeks or even months.
If oil dropped to $60 tomorrow, gasoline might not reflect that for a
month or more.

Chicken Little was afraid of the sky falling. Right wing nuts are
convinced the world is ending and rising oil prices are supposedly an
example. Totally appropriate comment.
`
The world isn't ending, but we are losing value in the dollar and that
shows up in oil or anything else we import. You can live in denial if
you like.

Yet the price of oil is dropping... I guess my denial is working.