Oil prices drop amid US economy fears
LONDON (AFP) — Oil prices fell as the market tracked fresh concerns about the US economy, with fears that a slowdown in the United States could dampen demand for crude, traders said Monday.
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Crazy, crazy, crazy! If you would told me 2 years ago that I would be relieved to see oil fall below $90.00/barrel I would have thought you were nuts. I thought $60/barrel was high. Go figure.
ReplyDeleteAnonymous,
ReplyDeleteIf you would have told me 2 years ago that I would be seeing $90 oil even as the consumer buckled I would have thought YOU were nuts!
Heaven help us all if oil makes it back to $60 apparently. The extrapolator in me thinks malls would be ghost towns.
Just a theory of course.
China has established an office to take charge of constructing and managing the country's strategic oil reserves, the economic planning agency said.
ReplyDeleteThe National Development and Reform Commission said the move is aimed at accelerating the construction of reserve facilities and enhance their management.
The office is authorized by the State Council to stockpile crude and release reserves as well as monitor oil markets, it said.
China, the world's second largest consumer and importer of oil after the US, aims to build up a strategic oil reserve of 12 mln tons by 2010, from 2-3 mln tons currently, said Chen Deming, former vice-director of the NDRC.
http://www.iii.co.uk/news/?type=afxnews&articleid=6451233&action=article
Kevin
Kevin,
ReplyDeletePerhaps they can store the oil behind the Three Gorges Dam. It is apparently causing serious environmental problems already. Why not just add fuel to the fire?