Objective proof that the short term answer to high oil prices is conservation. And the long term answer doesn't involve oil at all.
Stocks Rally as Oil Prices Drop to a Three-Month Low
By MICHAEL M. GRYNBAUM
Oil prices dropped to a three-month low on Tuesday, and stock markets rallied to their biggest gains in four months, after investors cheered the drop in commodity prices and a statement from the Federal Reserve that suggested the bank would not raise rates soon....
There is...a broader sense among investors that the slowdown in economic growth will curb fuel demand around the world, pulling prices back to more reasonable levels. Oil prices have fallen about 17 percent in three weeks. Gas prices in the United States have dropped back below $4 a gallon. And the economic downturn has been worse in some countries than financial experts had anticipated.
“There’s no real magic other than the softening economy,” Ric Navy, an analyst at BNP Paribas, said. “You can try to decide whether it’s anything more than that, but that’s in the eye of the beholder.”
The decline came in tandem with a similar drop in the prices of other commodities like corn, wheat and rice. Corn and soybean prices fell again Tuesday after rain in the Midwest eased concerns about the fall harvest. The prices of other commodities — gold, silver, nickel and copper — also dropped.
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We need all of our energy potential
"Gas prices in the United States have dropped back below $4 a gallon." Not here in Chicago!
Anyway, this is why I think we need to explore ALL of our energy potential here in America, including nuclear and oil. I'm not against conservation, but if we are going to conserve we need to open other avenues for energy, like coal, nuclear, and others.
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