On Sat, 07 May 2011 19:52:35 -0400, Gene 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.

Surely, the fact that crude oil prices have nothing to do with pump
prices.... any more, at least....

Nope, not a bit. Bush put a stop to that when he was pocketing all the oil money. It appears 'Bama
is carrying on the tradition.