Oil drops to $102.46
Gasoline in California is down to $4.17/gal cheap stuff, cheapest price. Why? The DJIA fell 1.00% on news that The Fed would devaluate the Dollar more by buying assets (this is commonly called "borrowing from Peter to pay Paul"). It is worth pointing out that the NIKKEI and TOPIX (asian stock exchanges) have fallen 1.47% in trading so far today, in response to the drop on the DOW.
Also, people have been asking me about the oil pipeline under construction from WTI Cushing, Oklahoma, into Galveston, Texas, and how that's going to fix our gasoline prices. It won't. Its already been stated by the companies involved and the govt that the refineries will be exporting fuel to other countries so we'll actually be paying MORE for fuel, not less. If the refineries are smart, they'll dump some gasoline on the market to drop the price temporarily til the election is over.
Also, people have been asking me about the oil pipeline under construction from WTI Cushing, Oklahoma, into Galveston, Texas, and how that's going to fix our gasoline prices. It won't. Its already been stated by the companies involved and the govt that the refineries will be exporting fuel to other countries so we'll actually be paying MORE for fuel, not less. If the refineries are smart, they'll dump some gasoline on the market to drop the price temporarily til the election is over.