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I Thought The USA Was Addicted To Oil?

December 17, 2008

Maybe that was just when a broke ass oil man was in charge of allowing OPEC to have their way with the people of the USA….and the US auto industry…and everyone that relies on a car to get to work.

But it was China that was causing the prices to go up…then hurricanes…then Mexicans…then our money was worthless…then it was GM and Friends for making cars that use gas…then it was Nigeria…

…maybe that was all cleared up today.

(I can’t IMAGINE why the prices are DIVING as soon as the GOP was not going to be in charge anymore.)

Oil sinks to 4 1/2-year low after OPEC cut

Oil falls even as cartel says it will cut production in bid to prop up prices driven lower by global economic downturn.

By Kenneth Musante, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) — The Organization of Petroleum Exporting Countries, in a bold but not unexpected move to prop up falling oil prices, said Wednesday that it would cut production by 2.2 million barrels a day starting next month. The cut is the largest ever announced by OPEC.

OPEC hopes the cuts will stabilize prices, which have dropped by more than $100 a barrel since reaching a record high in July. The worsening economic downturn has sapped demand worldwide.

But traders were unmoved by the production cut, which had been widely expected. U.S. crude for January delivery sank $3.54 to settle at $40.06 a barrel on the New York Mercantile Exchange.

http://money.cnn.com/2008/12/17/markets/oil/index.htm?postversion=2008121715

That’s the lowest settlement price since July 13, 2004, when oil settled at $39.44.

After the OPEC announcement, prices fell $2.10 to $41.50 a barrel. Oil had been as high as $45.50 earlier in the day.

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