Oil plummets on global economic fears

[Hans]

Oil prices sank more than $10 a barrel in the last week, highlighting just how quickly commodity markets can swing in the throes of a crisis.
Just two weeks ago oil flirted with $100 a barrel. Most major forecasting agencies, including the U.S. Energy Information Administration, were calling for even higher oil prices for the second half of the year as growth in global demand outstripped growth in supply. Those forecasts were the rationale behind tapping the nation's strategic oil reserve in June.
What a difference a week makes.

http://money.cnn.com/2011/08/08/mark...bin&hpt=hp_bn3

Good news, now I will be able to fill up my vehicle at 10% less.

[Huggy85]

Good news, now I will be able to fill up my vehicle at 10% less.

Good luck with that. Two weeks ago (July 25), oil was $99.20 per barrel. Today oil is $81.30; down $17.90 or 18%

Gas in the Sault two weeks ago was $1.289 per liter. I see they dropped it today to $1.299; we are still paying more than when the oil price was just a shade under $100. An 18% change in oil price should translate into a per litre price of $1.057.


The biggest winners with the oil price drop will, ironically, be the oil companies and retailers; not you and I.

[Hans]

See, this is where the government should step in and force sale prices to follow crude prices. It would only be fair to the consumer.