I don't want the press to use the word "plummet" in describing daily oil prices

[Orrex]

:rant:

Unless the drop in price is $40 or more. An $8 drop on $146/barrel oil doesn't mean shit, unless it's the first part of a bigger, ongoing drop. We'll still be paying ~$4.00/gallon, so the only impact will be an imperceptible drop in oil companies' multibillion dollar profits this quarter.

And as a symptom of the jittery economy, it still doesn't mean shit. It's an engine driving the shitty economy far more than it's a symptom, so let's not hear about how the shaky dollar is troubling the oil market.

rant off.

[Speck Tater]

1. Oil prices plummetted today to the same price they surged to last month. NT

[Orrex]

2. So the surge is no longer working?

Oh, wait--I've lost track of which surge is which!

[Turbineguy]

3. "plummet"

is one of those power words. It's either that or Maria Bartiromo will have to jump up on the desk and rip off all her clothes to get noticed. She's not blond ya know?

[RB TexLa]

4. They don't even try to hide their bias on financial news, you never see them get

excited when oil rallies but they do when stocks rally.

[mmonk]

5. Without the speculation, it should fall to around $60.00 a barrel.

It can't stay up forever unless there is more tension with Iran.

[Orrex]

6. Then I wish the Iranians wouldn't build all of those nucular missiles capable of striking the US

:sarcasm:

[ret5hd]

9. Keep whispering that to yourself and you may get some sleep tonight.

[mmonk]

10. Whispering to myself?

From best I can determine based on supply and demand and currency values it should be around $60 to $70 a barrel. Speculation and fear are driving some of this unless you know something I'm unaware of. Further problems could arise as more oil trades in other currencies.

[Speck Tater]

11. Dream on. Supply and demand is driving it more than speculation. NT

[TahitiNut]

13. Uh-huh. SUre. Did you say the same thing about the Enronization of California's energy market?

Did you shrug and say "supply and demand" when Enron, Reliant, Duke and other energy companies were plundering the people of California to the tune of over $12 BILLION???

I've met a lot of folks who were obsessed with the academic 'free market' model, to the point that they ignored the realities in favor of the model. Just remember: the map is not the territory and the model is not the reality.

[mmonk]

14. To some extent but let's look at reason (logic).

Look at how quickly oil has jumped. Has demand suddenly jumped that quickly? Demand increasing does bring the price up but the market clears the demand.http://www.theoildrum.com/node/2899

[zbdent]

7. and have the repukes tried to pin it on Bush "talking tough" to the Dems

about offshore drilling?

To the media's credit, I have heard one or two mentions that it was merely symbolic - and not from traditionally lefty announcers ...

[slackmaster]

8. Oil prices "slide down", or "drill into negative territory"

They never plummet.

[Xithras]

12. If that's a plummet, I can't wait for a free fall.