Crude Oil falls on "expectation" of further economic issues.
Quote:
Oil falls to $55 on grim US economic outlook
By ALEX KENNEDY – 10 hours ago
SINGAPORE (AP) — Oil prices slid to near $55 a barrel Thursday in Asia as more bad economic news from the U.S. heightened fears of a severe global downturn that will pulverise demand for crude.
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The department said Wednesday it expects U.S. consumption of petroleum to next year drop more severely than any time since 1980. The department's Energy Information Administration said 2009 petroleum consumption is projected to sink by 250,000 barrels per day, or 1.3 percent, more than twice that projected in its previous outlook.
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The same headline could have read months ago...
"Crude Oil falls on expectation of significant development off california, Anwar, oil shales in the US.
Now would be the best time to open up all of those reserves to KEEP these prices as low as possible. But with our new "regime" we will work hard to get those prices back where they belong.