According toCNN.com, “NEW YORK (CNNMoney.com) — Oil prices plummeted Wednesday, bringing a two-day selloff to more than $11 a barrel, after the government’s weekly inventory report suggested record high gasoline prices may be reducing the nation’s energy consumption.”
Further update: Mexico is locking in future sales at today’s price, indicating a belief that oil is likely to go down. Oil has dropped below $130 a barrell today (Thursday, July 17.)
Well, like 3.8% inflation, that isn’t really a significant number, not yet. But – ahem- I TOLD YOU SO. Hopefully oil will continue to drop to around $100 and stay there for a while, but I doubt it. In the meantime efforts to get off our oil jones have to be redoubled. No more SUVs for you soccer moms out there. I’m going to learn how to run my F-150 on water, like that email said I could and turn the lights out when you leave the room. Were you born in a barn?