The Price of Oil Dropped $18 per barrel. So what?

The price of oil fell $18.00 per barrel the past three days, a roughly 12% decrease.  Why do I remain skeptical that the price of gasoline will follow?  And oil companies will have their spin doctors out informing why the price didn’t drop.  Workers at a Texas refinery took a long lunch.  The GPS navigation on a super tanker was down, delaying a crude delivery for a day.  Dick Cheney went hunting again.  There might be a hurricane sometime during the hurricane season.  All reasons why we should be happy that gas prices don’t go even hire.

 

While demand for oil may still remain high, it has dropped for 12 straight weeks.  Maybe the CEO of Mobil will have to forego an obscene bonus and make do with an outlandish one.  You have to feel for him having to make all those tough price-gouging decisions while appearing to be as pure as the driven snow.

 

Of course while the CEO of Mobil makes do with a few dollars less, 8-10,000,000 Americans may lose their electricity this year.  This is wrong. I keep wondering what George Bush feels his legacy as President is.  Iraq?  Afghanistan? The price of gas?  The economy?  Helping Dick Cheney and his oil buddies rake us for more and more and more?

 

I don’t feel anymore secure from terrorists than I did when Bush took office.  I worry a lot about my retirement, or if I’ll even be able to retire.  And I thank God I don’t have someone serving in Iraq or Afghanistan.

~ by Ron Meyer on July 18, 2008.