Oil Prices Continue to Tumble

J.J. Jackson* | September 17, 2008

Filed Under Economy / Economics, The Economy

G9e, as more moves are made to loosen restrictions on the exploration and recovery of America’s own oil reserves, the price of oil continues to fall. And here I thought “supply” and “demand” had absolutely nothing to do with the price according to liberals.

NEW YORK (AP) - Oil prices extended their retreat Tuesday, shedding $10 a barrel in a violent, two-day slide as tumult on Wall Street dims hopes for a swift economic recovery and signals another drop in U.S. energy demand.

Crude, which shot up near $150 a barrel only two months ago, is now down 8 percent for the year.

This article blames the decrease solely on the economic slowdown and doesn’t even mention the moves in Congress to remove the ban on offshore drilling - anemic as they are. But what that goes to show is how even half-assed attempts by a liberal Congress that couldn’t find its own ass with both hands drastically affect the world oil market.

“The economic slowdown is completely unavoidable now and people will be driving less, trucking less and buying less,” said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com. “Energy consumption will fall dramatically.”

Gee, nothing like making sure to actually discuss current events and the full story right?

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