Oil prices tumble on prospects of warmer weather, crude surplus...

[#juan]

Oil prices plunged by more than $2 US Monday, dropping below $58 US a barrel on rising U.S. temperatures and news that OPEC is expecting a crude surplus in the spring but has no plans to cut more production.

On Friday, prices climbed briefly above the psychological $60 US barrier on unrelenting cold U.S. weather. But the chill is expected to ease up in the next couple of weeks, leading traders to believe that heating fuel demand will weaken.

Light, sweet crude for


http://tinyurl.com/24agzm

 

[#juan]

I don't suppose this means a break for us, like lower gas prices?:?

Gas prices shot up after Katrina and have not returned though the oil company profits have skyrocketed.

Usury by any other name smells as bad.:evil3:

 

[Just the Facts]

I don't suppose this means a break for us, like lower gas prices?:?

Not here, price went from 80c to 91c a litre today in my neck of the woods.

 

[L Gilbert]

Went from 93.9 ¢ to 91.9 ¢ and then back up to 92.9 ¢ all in a week. But, I think it has more to do with retailers around here than the price of crude.
All in all though, it dropped about 8 ¢ since christmas.