Oil Falls to 2-Month Low on Iraq Optimism

[hightime]

NEW YORK (Reuters) - Oil prices fell to their lowest in two months on Tuesday as the handover of power in Iraq (news - web sites) raised hopes for less sabotage and steadier exports.

U.S. light crude settled 1.6 percent, or 58 cents, lower at $35.66 a barrel.


Growing U.S. commercial supplies and higher OPEC (news - web sites) output have eased fears about summer gasoline shortages and knocked about $6 a barrel off the price of oil since record New York futures highs at the start of June.


News over the weekend that southern Iraqi oil exports resumed after pipeline sabotage weighed on values, as did the end of a strike at Norway's state-owned oil company.

http://news.yahoo.com/news?tmpl=story&u=/nm/20040629/bs_nm/markets_oil_dc_9

[bugslsu9]

1. Than Why Are Gas Prices Still So High?!?!?!?!

It seems to me that there is a problem here. Every time the futures went up, the gas price went up very quickly thereafter. Now that oil prices are falling, why aren't the gas prices going down nearly as quickly as they went up???

[tom_paine]

2. Oh, that's not Iraq optimism

Bunnypants* and his Saudi/Oil pals purposefully jacked up the prices.

How did they do this? All machinations are below the surface except one, so far as I can see.

Bunnypants* made sure to fill the National Petroleum Resrve at Peak Prices.

now he's stopped, and the prices are going back down.

Which is a Two-Fer of Fraud and Theft:

1) Prices stay high, giving his Oil Co. Pals the chance to steal evermore and rationalize shortages/hig prices. The same thing that Enron did. Did you think they JUST invented that stratagem?

2) Buying at Peak Prices for the Nat'l Pet. Reserve means that more of those illicit profits are sent to Cayman isalnds accounts of the Busheviks whole SCREWING the Filthy Little Nobodies the Busheviks HATE, even their own Sturmtruppen.

[POed_Ex_Repub]

3. Ahh.. glad to see the war is over then...

This is what, the third time? Might want to invest in oil while it's this cheap ;-)

[Demobrat]

4. We're going to be cruising to the polls

on the cheapest gas in years. Of course it will be a long, cold winter and prices will have to be raised again.